HB 5209 Summary

• Adopts the Uniform Real Property Transfer on Death Act, effective October 1, 2020, allowing individuals to transfer real property to designated beneficiaries upon death without probate.

• Transfer on death (TOD) deeds are revocable during the transferor's lifetime, require notarization and recording in the town clerk's office before death, and have no effect until the transferor dies.

• During the transferor's life, a TOD deed does not affect the transferor's ownership rights, create any interest in the designated beneficiary, or impact eligibility for public assistance.

• Property transferred by TOD deed is subject to creditor claims, funeral expenses, administrative costs, and statutory allowances to surviving spouses and children to the extent the probate estate is inadequate.

• Establishes procedures for revocation of recorded TOD deeds and provides statutory forms for creating and revoking transfer on death deeds; modifies inheritance provisions to reference TOD deed beneficiaries in sections addressing spousal elective shares and forfeiture due to criminal conduct.