The proposed bill establishes the "Uniform Real Property Transfer on Death Act," which allows 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 definitions of key terms such as "beneficiary," "designated beneficiary," and "transferor," and specifies that the interest in the property is contingent on the designated beneficiary surviving the transferor. If the designated beneficiary does not survive, their interest lapses.

Additionally, the bill details the conditions under which a TOD deed can be revoked and clarifies that it does not affect the rights of the transferor or other owners during the transferor's lifetime. It also stipulates that if multiple transferors are involved, revocation by one does not impact the interests of others. The bill ensures that the property transferred is subject to existing encumbrances and does not create any new legal interests for the designated beneficiary. Furthermore, it allows the transferor's estate to enforce liabilities against the property if the probate estate is insufficient to cover claims. The act will apply to all TOD deeds made before, on, or after its effective date.