Senate Bill 368 Summary

• Enacts the Uniform Real Property Transfer on Death Act, allowing individuals to transfer real property to designated beneficiaries effective upon the transferor's death through a revocable transfer on death deed.

• Requires transfer on death deeds to contain the essential elements of a recordable inter vivos deed, include a statement that transfer occurs at the transferor's death, and be recorded before the transferor's death in the county where the property is situated.

• Establishes that transfer on death deeds do not affect the transferor's rights or creditors' interests during the transferor's life, and beneficiaries take property subject to all existing encumbrances, mortgages, and liens.

• Permits revocation of transfer on death deeds through a subsequent transfer on death deed, a written instrument of revocation, or an inter vivos deed, each of which must be recorded and acknowledged by the transferor after the original deed.

• Allows registered vehicle owners to designate a beneficiary for transfer of title upon death by including "transfer on death to" or "TOD" language on the certificate of title, subject to any lienholder rights.