The proposed General Assembly Raised Bill No. 5266 seeks to implement the Uniform Real Property Transfer on Death Act, establishing a streamlined process for property owners to transfer their real estate to designated beneficiaries upon their death without the need for probate. Effective October 1, 2026, the bill introduces new legal terms such as "beneficiary," "designated beneficiary," and "transfer on death deed." It outlines the requirements for creating a valid transfer on death deed, which must be recorded before the transferor's death and can be revoked at any time. The bill emphasizes the necessity of legal guidance by recommending that individuals consult a lawyer before utilizing the provided form for the transfer on death deed.

In addition to the new provisions, the bill removes the requirement for a seal on the signatures of property owners, thereby simplifying the process. It mandates that the transfer on death deed be acknowledged by a notary public and recorded in the town where the property is located. The legislation also clarifies that the transfer does not affect the transferor's rights during their lifetime and does not grant any legal interest to the designated beneficiary until the transferor's death. Furthermore, it ensures that the property remains subject to existing encumbrances and allows beneficiaries to disclaim their interest. The bill modifies certain aspects of the Electronic Signatures in Global and National Commerce Act to align with the new law.