HB0169 Summary

• Expands the definition of "beneficiary's authorized representative" to include agents under power of attorney, guardians (including standby, short-term, and temporary), executors, and administrators.

• Changes "residential real estate" definition to include residential condominium units with common elements and parking units or amenities owned by the unit owner, while removing references to cooperative units.

• Prohibits agents under durable power of attorney from creating or revoking transfer on death instruments on the owner's behalf, though agents may still sell, transfer, or encumber the property under their authority.

• Allows co-beneficiaries, contingent beneficiaries, heirs, or the estate's personal representative to serve a written demand requiring a beneficiary to file acceptance or disclaimer within 30 days after 6 months from the owner's death; failure to respond results in the beneficiary being deemed to have predeceased with no descendants.

• Protects purchasers or mortgagees for value who take title before any legal action is filed to set aside the transfer on death instrument, giving them clear title free of such claims.