This bill introduces the Uniform Real Property Transfer on Death Act in Iowa, allowing individuals to create a transfer on death (TOD) deed that facilitates the transfer of real property to designated beneficiaries upon the transferor's death, thereby avoiding the probate process. Key definitions are established, including "beneficiary," "designated beneficiary," and "transferor." The bill mandates that a TOD deed must be recorded before the transferor's death to be valid and clarifies that the deed is revocable, does not alter the transferor's rights during their lifetime, and does not require the beneficiary's acceptance while the transferor is alive.

Furthermore, the bill outlines the process for revoking a TOD deed, which can only be done through a formally recorded instrument prior to the transferor's death. It addresses the implications of TOD deeds on creditor claims and ensures that the transferor's estate can enforce liabilities against properties transferred via a TOD deed. The bill also specifies that a TOD deed is irrevocable unless an inconsistent deed or explicit revocation is recorded, and it remains effective regardless of beneficiary notification. Provisions are included for scenarios where the transferor sells the property before death, and it ensures that existing deeds prior to the bill's effective date remain unaffected while making necessary conforming changes to existing laws.

Statutes affected:
Introduced: 633.238