The bill S. 49 aims to amend the South Carolina Code of Laws by adding Section 27-1-80, which establishes a Transfer on Death (TOD) designation for real property. This provision allows any owner of real property to designate a beneficiary who will receive the property upon the owner's death, without the need for testamentary processes. The bill outlines the procedures for creating, modifying, and revoking a TOD designation, as well as the rights of beneficiaries and the implications for property ownership during the lifetime of the owner. It specifies that a TOD designation must be recorded in the Office of County Records and serves as conclusive evidence of the designation.

Additionally, the bill clarifies the rules governing the transfer of property for both sole owners and multiple owners with right of survivorship. It stipulates that a TOD designation is ineffective for multiple owners without such rights and provides guidelines for how property is to be divided among beneficiaries. The bill also details the process for retitling property upon the death of the owner(s) and the necessary actions required by the master in equity. This legislation is set to take effect upon approval by the Governor.

Statutes affected:
12/11/2024: 27-1-80
Latest Version: 27-1-80