SB208: AN ACT relating to the transfer of property on death.

Legislative Summary

Create new sections of KRS Chapter 391 to establish the Kentucky Uniform Real Property Transfer on Death Act to codify provisions for the creation, administration, modification, termination, and validity of transfer on death deeds; define terms; specify that a transfer on death deed is not an inter vivos transfer and that transfer occurs at the time of the transferor’s death; specify that the transferor retains the power to revoke a transfer on death deed; enumerate that a transfer on deed is nontestmentary; establish requirements for a transfer on death deed and specify the process of recording a transfer on death deed; specify that a transfer on death deed is effective without notice to or acceptance by the beneficiary during the transferor’s lifetime; establish provisions for the revocation of a transfer on death deed by instrument or act; enumerate the effect of a transfer on death deed during transferor’s life; allow a beneficiary to disclaim all or part of the beneficiary’s interests; specify the impact of transfer on death deed on claims when an estate is insufficient; enumerate that a beneficiary of a transfer on death deed may disclaim the property interest in the deed; create the form for creating a transfer on death deed; create the form for revocation of a transfer on death deed; require that the provisions of KRS Chapter 391 be applied and construed so as to promote uniformity; conform to federal requirements related to electronic signatures and records; specify the applicability of KRS Chapter 391 to current law; amend KRS 64.012 to provide the recording fee for a transfer on death deed or revocation; specify that Sections 1 to 13 of this Act may be cited as the Uniform Real Property Transfer on Death Act; amend KRS 381.280, 382.110, 382.135, 391.360, 392.020, and 403.190 to conform; create a new section of KRS Chapter 186A to define terms; establish requirements for a transfer of a vehicle's title to a named beneficiary upon the death of the owner; direct the Transportation Cabinet to develop a form for transfer.