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 delineates rules for both sole owners and multiple owners of real property regarding the transfer of property through a TOD designation. It clarifies that only owners with a right of survivorship can utilize the TOD designation and provides guidelines for how property is to be titled among beneficiaries. The bill also stipulates that the master in equity will oversee the retitling of property in accordance with the TOD designation upon the death of the owners. This act will take effect upon approval by the Governor.

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