The bill amends the Nebraska Uniform Real Property Transfer on Death Act by updating sections 76-3401 and 76-3410 of the Reissue Revised Statutes of Nebraska. It introduces new provisions regarding the required warnings on transfer on death deeds and insurance policies related to certain real properties. Specifically, it mandates that transfer on death deeds created after the bill's effective date must include a warning about the potential expiration of property insurance coverage thirty days after the transferor's death unless the designated beneficiary is added as an insured party. Additionally, the bill clarifies that the designated beneficiary will be considered an insured party under any property insurance policy from the date of the transferor's death until certain conditions are met.

Furthermore, the bill harmonizes existing provisions and repeals the original sections 76-3401 and 76-3410. It ensures that no recorded transfer on death deed will be invalidated due to defects in the wording of the required warnings. The bill also establishes a timeline for actions to set aside a transfer on death deed based on the requirement of disinterested witnesses, specifying that such actions must be initiated within ninety days of the transferor's death. Overall, the amendments aim to provide clearer guidelines and protections for beneficiaries involved in real property transfers upon death.

Statutes affected:
Introduced: 76-3401, 76-3410
Final Reading: 76-3401, 76-3410
Slip Law: 76-3401, 76-3410