SB521 - Nontestamentary Transfer of Property Act

• Defines "interest in real estate" to include surface, minerals, structures, and fixtures for transfer-on-death deed purposes.

• Changes affidavit requirement from "notarized" to simply "sworn to before a notary" and eliminates the requirement for an estate tax release to be attached to the beneficiary affidavit.

• Requires grantee beneficiaries to record the acceptance affidavit within nine (9) months of the grantor's death, or the property interest reverts to the grantor's estate.

• Allows non-consensual liens against grantee beneficiaries to attach only after recording of the acceptance affidavit, not before.

• Clarifies that if a grantee beneficiary predeceases the grantor owner and no alternative beneficiary is designated, the transfer to that beneficiary lapses; designates joint tenancy beneficiaries retain rights if they survive the grantor owner.

• Becomes effective November 1, 2011.