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GA HB1650
Bill
Status
Introduced
4/4/2022
Primary Sponsor
Marvin Lim
Click for details
AI Summary
- Adds a new Chapter 17 to Title 44 of the Georgia Code to authorize transfer-on-death (TOD) deeds, allowing real estate owners to designate grantee beneficiaries who automatically receive the property upon the owner's death without probate, and without requiring consideration or beneficiary consent
- Requires the deed to be executed, acknowledged, and recorded with the clerk of superior court in the county where the property is located prior to the owner's death, and provides a specific statutory deed form including mandatory language stating the deed is revocable
- Allows the grantor to revoke or change beneficiary designations at any time before death by recording a new instrument or subsequent TOD deed; prohibits revocation of a TOD deed by will
- Requires beneficiaries to record an affidavit with the owner's death certificate within nine months of the grantor's death (for deaths on or after July 1, 2022) or the property reverts to the deceased grantor's estate
- Preserves the grantor's full legal and equitable ownership during their lifetime, including rights as regards creditors and purchasers, and provides that transfers to beneficiaries who predecease the grantor shall lapse
Legislative Description
Property; provide for transfer-on-death deeds
Last Action
House Hopper
4/4/2022
Full Bill Text
No bill text available