Tuesday, August 20, 2013

Uniform Law Commission: Real Property Transfer on Death Act

Completed by the Uniform Law Commission in 2009, and thus opening the window for adoption by state legislatures, the Uniform Real Property Transfer on Death Act allows an owner of real property to pass the property directly to a beneficiary on the owner's death, without probate.  The property passes by means of a recorded TOD or "Transfer on Death" deed.  This seems like an uncontroversial and helpful clarification in the law.  Any comments, especially from those who see potential problems? (Add your comments below -- I'll post them soon.)

Jurisdictions that have so far adopted the law are Hawaii, Illinois, Nebraska, Nevada, New Mexico, North Dakota, Oregon, Virginia, and most recently, D.C.  Legislation is also pending in Alaska, Connecticut, Maryland, South Dakota, Washington and West Virginia. 

In D.C., there is an Estates, Trust & Probate Bar Lunch program scheduled to discuss the new law, for September 18, 2013.

-- Katherine C. Pearson, Penn State Law

http://lawprofessors.typepad.com/elder_law/2013/08/uniform-law-commission-real-property-transfer-on-death-act.html

Estates and Trusts, Property Management | Permalink

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