This bill introduces the Uniform Real Property Transfer on Death Act, which allows individuals to create transfer on death deeds that facilitate the transfer of real property to designated beneficiaries upon the owner's death, thereby avoiding the probate process. Key definitions are established, including "beneficiary," "designated beneficiary," and "transferor." The bill mandates that these deeds must be recorded prior to the transferor's death to be valid and clarifies that they are revocable, ensuring that the transferor retains rights to the property during their lifetime. Additionally, it addresses disclaimers of interest in real property and outlines the liability for creditor claims against the transferred property, requiring that disclaimers be recorded in the appropriate county office.

Furthermore, the legislation stipulates that transfer on death deeds are irrevocable unless an inconsistent deed or explicit revocation is recorded. It emphasizes that these deeds are nontestamentary and require the same capacity as a will for creation and revocation. The bill ensures that the deed remains effective regardless of beneficiary notification or consideration received by the transferor, and it becomes ineffective if the property is sold before the transferor's death. Provisions are included for scenarios where the beneficiary predeceases the transferor, and optional forms for creating and revoking deeds are introduced. The bill applies to deeds executed on or after its effective date, preserving the validity of previously executed deeds.

Statutes affected:
Introduced: 633.238