This 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. Notably, the bill adds a warning that after the transferor's death, the insurance policy covering the transferred property is only valid for sixty days, and it emphasizes the need for the designated beneficiary to arrange for insurance coverage promptly after the transferor's death.

Additionally, the bill clarifies that the beneficiary of a recorded transfer on death deed will automatically become the named insured under any insurance policy for a period of sixty days following the transferor's death. It specifies that the beneficiary assumes all rights and obligations under the insurance policy during this period, although they will not have any claim to proceeds that were paid out before the transferor's death. The bill also allows for the beneficiary to be named on the insurance policy prior to the transferor's death, but they will not be recognized as the named insured until that death occurs. The original sections of the law being amended are repealed as part of this legislative update.

Statutes affected:
Introduced: 76-3401, 76-3410