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 interest of the designated beneficiary is contingent upon their survival of the transferor, and it specifies how concurrent interests are handled among multiple beneficiaries.

Additionally, the bill details the process for revoking a TOD deed, stating that revocation can occur 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, nor does it impact eligibility for public assistance or create legal interests for the designated beneficiary. The bill also addresses scenarios involving multiple transferors and joint ownership, ensuring that revocation by one does not affect the interests of others. Finally, it allows the transferor's estate to enforce claims against the property if the probate estate is insufficient to cover allowed claims.