The proposed bill establishes the Uniform Real Property Transfer on Death Act, allowing individuals aged 18 or older to transfer property to designated beneficiaries upon their death through a transfer on death (TOD) deed. This deed is revocable, nontestamentary, and must adhere to the formalities of a properly recorded inter vivos deed. It does not require notice, delivery, acceptance, or consideration to be effective. The bill outlines the conditions under which the property is transferred, including that the designated beneficiary must survive the transferor for the interest to be valid, and it specifies how concurrent interests are handled among multiple beneficiaries.

Additionally, the bill details the process for revoking a TOD deed, which can be done through a subsequent TOD deed, an instrument of revocation, or an inter vivos deed, provided it is acknowledged and recorded appropriately. It clarifies that the TOD deed does not affect the rights of the transferor or other owners during the transferor's lifetime, nor does it create any legal interest for the designated beneficiary until the transferor's death. The act also allows the transferor's estate to enforce claims against the property if the probate estate is insufficient to cover allowed claims. Overall, the bill aims to simplify the transfer of real property upon death while ensuring that the rights of all parties involved are protected.