Raised Bill No. 7096 - Summary

• Adopts the Uniform Real Property Transfer on Death Act effective October 1, 2019, allowing individuals to transfer real property to designated beneficiaries through a revocable transfer on death deed.

• Transfer on death deeds must contain the essential elements of a recordable inter vivos deed, be acknowledged, and recorded in the town clerk's office before the transferor's death to be effective.

• The deed is revocable at any time and does not affect the transferor's ownership rights, creditor claims, public assistance eligibility, or create any legal interest in the beneficiary during the transferor's lifetime.

• Upon the transferor's death, property transfers to the designated beneficiary without probate, subject to all existing liens, mortgages, and encumbrances; if the beneficiary predeceases the transferor, that interest lapses.

• Provides standard forms for creating transfer on death deeds and revocation instruments, with detailed instructions and common questions answered on the forms.