The bill establishes a new chapter titled "Uniform Real Property Transfer on Death Act" within Title 33 of the General Laws, which sets forth the procedures for transferring real property upon the owner's death. It introduces definitions for key terms such as "Beneficiary," "Designated beneficiary," and "Transfer on death deed." The act allows property owners to execute a deed that names one or more beneficiaries who will obtain title to the property at the owner's death without the necessity of probate.

The legislation specifies that these deeds do not require notice or acceptance by the beneficiary during the transferor's lifetime and do not affect the transferor's rights while they are alive. It outlines the requirements for a valid transfer on death deed, including the essential elements and formalities of a properly recordable inter vivos deed, stating that the transfer to the designated beneficiary is to occur at the transferor's death, and that the deed must be recorded before the transferor's death in the public records where the property is located.

Additionally, the bill addresses issues related to the revocation of transfer on death deeds, stating that a transfer on death deed is revocable even if the deed contains a contrary provision. It requires that a revocation be made through a formal instrument acknowledged by the transferor and recorded in the public records prior to the transferor's death. The act also clarifies that a beneficiary may disclaim all or part of their interest and outlines the liability for creditor claims against property transferred by a transfer on death deed.

The legislation aims to promote uniformity in the application of the Uniform Real Property Transfer on Death Act across states and clarifies its relationship with the federal Electronic Signatures in Global and National Commerce Act. The act will take effect upon passage and will apply to transfer on death deeds executed before, on, or after January 1, 2027, for transferors who die on or after that date.