NY State Senate Bill 2017-S7267

Archive: Last Bill Status - In Senate Committee Judiciary Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 05, 2018	referred to judiciary

2017-S7267 (ACTIVE) - Details

Current Committee:: Senate Judiciary
Law Section:: Real Property Law
Laws Affected:: Add §424, RP L

2017-S7267 (ACTIVE) - Summary

Establishes transfer on death deeds and how and when they are applicable.

2017-S7267 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S7267

SPONSOR: AVELLA
 
TITLE OF BILL:  An act to amend the real property law, in relation to
transfer on death deeds

 
PURPOSE:

This bill would authorize the execution of transfer on death deeds by
enacting the Uniform Real Property Transfer on Death Act (URPOTDA).

 
SUMMARY OF PROVISIONS:

Section 1 of this bill amends the real property law by adding § 424,
which creates the transfer on death deed process.

Subsection 1 of this section provides definitions for the terms desig-
nated beneficiary, joint owner, person, property, transfer on death
deed, and transferor.

Subsection 2 of this section states that the transfer on death deed law

does not affect any other method of transferring property permitted
under the law of this state.

Subsection 3 of this section authorizes an individual to transfer prop-
erty to one or more beneficiaries effective at the transferor's death by
transfer on death deed.

Subsection 4 of this section states that a transfer on death deed is
revocable even if the deed or another instrument contains a contrary
provision.

Subsection 5 of this section declares that a transfer on death deed is
nontestamentary.

Subsection 6 of this section states that the capacity required to make
or revoke a transfer on death deed is the same as the capacity required
to make a will.

Subsection 7 of this section lays out the requirements for a valid
transfer on death deed including that it must state that the transfer to
the beneficiary is to occur at the transferor's death, and must be
recorded before the transferor's death in the public records of the
county clerk's office of the county where the property is located in the
same manner as any other type of deed.

Subsection 8 of this section states that notice, delivery, acceptance,
and consideration are not required to have a valid transfer on death
deed.

Subsection 9 of this section declares that in order for a revocation of
a transfer on death deed to be valid, the revocation must be another
transfer on death deed that expressly, or by inconsistentcy revokes the
previous deed, is an instrument of revocation that expressly revokes the
deed or part of the deed, or is an inter vivos deed that expressly
revokes the transfer on death deed or part of the deed; and is acknowl-
edged by the transferor after the acknowledgement of the deed being
revoked and recorded before the transferor's death in the public records
in the county clerk's office of the county where the deed is recorded.
The subsection further states that if more than one transferor makes a
transfer on death deed, then revocation will not affect the deed in
regards to the interests of another transferor, and, in the case of a
deed of joint owners, shall only be revoked if all the living joint
owners revoke it. The subsection also states that after a transfer on
death deed is recorded, it cannot be revoked by a revocatory act on the
deed, though the section is not to effect the inter vivos transfer of
the property.

Subsection 10 of the section states that during the life of the transfe-
ror, a transfer on death deed will not affect the transferor's rights
and interests in the property, affect the transferee's right or interest
in the property, affect the interest or rights of a secured or unsecured
creditor or future creditor of the transferor, affect the transferor's
or designated beneficiary's eligibility for any form of public assist-
ance, create a legal or equitable interest in favor of the designated
beneficiary, or subject the property to claims or process of a creditor
of the designated beneficiary.

Subsection 11 of this section provides that at the time of the
transferor's death, the transfer on death deed shall transfer the inter-
est in the property to the designated beneficiary. The subsection
further states in the event that a transferee predeceases the transfe-
ror, the interest of the designated beneficiary lapses.  Concurring
interests will be transferred to the beneficiaries in equal and undi-
vided shares with no right to survivorship. Where the transferor has
identified two or more designated beneficiaries to receive concurrent
interests in the property, in the event that one lapses or fails for any
reason, it will be transferred to the other.

The subsection further states that subject to the chapter, a beneficiary
takes the property subject to all conveyances, encumbrances, assign-
ments, contracts, mortgages, liens, and other interests. In addition,
the deed transfers the property without covenant or warranty of title.

Subsection 12 of this section states that a beneficiary may disclaim
their interest in the same manner as a will.

Subsection 13 of this section states that in the event that the
transferor's estate is not sufficient to satisfy their debts, the
remaining liability is to be apportioned among the properties trans-
ferred by transfer on death deeds in proportion to their net values.
Such proceedings to enforce the liability must take place within eigh-
teen months of the transferor's death.

Subsection 14 of this section advises that the form provided may be used
to create a transfer on death deed.

Section 2 of this bill states that this act shall take effect immediate-
ly after it shall have become a law, and shall apply to any transfer on
death deed made before, on, or after the effective date of this act by a
transferor dying on or after the effective date of this act.

 
JUSTIFICATION:

URPOTDA, which was approved by the Uniform Law Commission in 2009,
enables an owner of real property to pass the property simply and
directly to a beneficiary on the owner's death without probate. The
property passes by operation of law by means of a recorded transfer on
death (TOD) deed.

Non-probate transfers of personal property to beneficiaries have become
common in our society. These mechanisms are inexpensive, user-friendly,
and help to avoid probate. However, a straightforward, inexpensive, and
reliable means of passing real property directly to a beneficiary is not
generally available. This is a significant gap in the law; for many
people in low- and middle-income families a home is the single most
valuable asset in their estate.

The URPOTDA makes this option available by building on the existing
state statutes to provide an uncomplicated, effective, and affordable
option to pass this important type of asset at death. It spells out the
operation and effect of the TOD deed and provides a standardized method
for the straightforward non-probate transfer of real property after the
owner's death. During the owner's lifetime, the beneficiary of a TOD
deed has no interest in the property and the owner retains full power to
transfer the property, encumber the property, or to revoke the deed. On
the owner's death, the property passes to the beneficiary, much like the
survivorship feature of joint tenancy.

Generally, a TOD deed offers a number of advantages over joint tenancy.
As the TOD deed does not convey an immediate interest to the benefici-
ary, the property is not subject to the beneficiary's creditors.
Further, the deed remains revocable, enabling the owner to change the
beneficiary of the property anytime. In addition, it does not trigger an
acceleration clause in a mortgage or property tax reassessment. Finally,
it does not create any consequences in regards to Medicaid for either
the owner or the beneficiary.

Simplification of peoples' lives is an essential, though often forgot-
ten, purpose of government. This bill would simplify estate planning for
the millions of New Yorkers whose largest asset is their home, while
simultaneously protecting the elderly from the unintended consequences
and burdens of other non-probate transfers of real property, such as
joint tenancy.

 
LEGISLATIVE HISTORY:

New Bill.

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect immediately after it shall have become a law,
and shall apply to any transfer on death deed made before, on, or after
the effective date of this act by a transferor dying on or after the
effective date of this act.

2017-S7267 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7267
 
                             I N  S E N A T E
 
                              January 5, 2018
                                ___________
 
 Introduced  by  Sen.  AVELLA -- read twice and ordered printed, and when
   printed to be committed to the Committee on Judiciary
 
 AN ACT to amend the real property law, in relation to transfer on  death
   deeds
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. The real property law is amended by adding  a  new  section
 424 to read as follows:
   §  424.  TRANSFER  ON  DEATH DEED. 1. DEFINITIONS. FOR THE PURPOSES OF
 THIS SECTION THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   (A) "BENEFICIARY" MEANS A PERSON THAT RECEIVES PROPERTY UNDER A TRANS-
 FER ON DEATH DEED.
   (B) "DESIGNATED BENEFICIARY" MEANS  A  PERSON  DESIGNATED  TO  RECEIVE
 PROPERTY IN A TRANSFER ON DEATH DEED.
   (C)  "JOINT  OWNER" MEANS AN INDIVIDUAL WHO OWNS PROPERTY CONCURRENTLY
 WITH ONE OR MORE OTHER INDIVIDUALS WITH A  RIGHT  OF  SURVIVORSHIP.  THE
 TERM  INCLUDES  A JOINT TENANT, OWNER OF COMMUNITY PROPERTY WITH A RIGHT
 OF SURVIVORSHIP AND TENANT BY THE ENTIRETY. THE TERM DOES NOT INCLUDE  A
 TENANT  IN  COMMON  OR  OWNER  OF  COMMUNITY PROPERTY WITHOUT A RIGHT OF
 SURVIVORSHIP.
   (D) "PERSON" MEANS AN INDIVIDUAL, CORPORATION, BUSINESS TRUST, ESTATE,
 TRUST,  PARTNERSHIP,  LIMITED  LIABILITY  COMPANY,  ASSOCIATION,   JOINT
 VENTURE,  PUBLIC  CORPORATION,  GOVERNMENT  OR GOVERNMENTAL SUBDIVISION,
 AGENCY, OR INSTRUMENTALITY, OR ANY OTHER LEGAL OR COMMERCIAL ENTITY.
   (E) "PROPERTY" MEANS AN INTEREST IN  REAL  PROPERTY  LOCATED  IN  THIS
 STATE WHICH IS TRANSFERABLE ON THE DEATH OF THE OWNER.
   (F)  "TRANSFER  ON  DEATH  DEED"  MEANS  A  DEED AUTHORIZED UNDER THIS
 SECTION.
   (G) "TRANSFEROR" MEANS AN INDIVIDUAL WHO MAKES  A  TRANSFER  ON  DEATH
 DEED.
   2.  NONEXCLUSIVITY.  THIS SECTION DOES NOT AFFECT ANY METHOD OF TRANS-
 FERRING PROPERTY OTHERWISE PERMITTED UNDER THE LAW OF THIS STATE.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14068-01-7

 S. 7267                             2
 
   3. TRANSFER ON DEATH DEED AUTHORIZED. AN INDIVIDUAL MAY TRANSFER PROP-
 ERTY TO ONE OR MORE BENEFICIARIES EFFECTIVE AT THE TRANSFEROR'S DEATH BY
 A TRANSFER ON DEATH DEED.
   4. TRANSFER ON DEATH DEED REVOCABLE. A TRANSFER ON DEATH DEED IS REVO-
 CABLE  EVEN  IF  THE  DEED  OR  ANOTHER  INSTRUMENT  CONTAINS A CONTRARY
 PROVISION.
   5. TRANSFER ON DEATH DEED NONTESTAMENTARY. A TRANSFER ON DEATH DEED IS
 NONTESTAMENTARY.
   6. CAPACITY OF TRANSFEROR. THE CAPACITY REQUIRED TO MAKE OR  REVOKE  A
 TRANSFER  ON  DEATH  DEED IS THE SAME AS THE CAPACITY REQUIRED TO MAKE A
 WILL.
   7. REQUIREMENTS. A TRANSFER ON DEATH DEED:
   (A) EXCEPT AS OTHERWISE PROVIDED IN PARAGRAPH (B) OF THIS SUBDIVISION,
 SHALL CONTAIN THE ESSENTIAL  ELEMENTS  AND  FORMALITIES  OF  A  PROPERLY
 RECORDABLE INTER VIVOS DEED;
   (B)  SHALL STATE THAT THE TRANSFER TO THE DESIGNATED BENEFICIARY IS TO
 OCCUR AT THE TRANSFEROR'S DEATH; AND
   (C) SHALL BE RECORDED BEFORE THE  TRANSFEROR'S  DEATH  IN  THE  PUBLIC
 RECORDS IN THE COUNTY CLERK'S OFFICE OF THE COUNTY WHERE THE PROPERTY IS
 LOCATED IN THE SAME MANNER AS ANY OTHER TYPE OF DEED.
   8. NOTICE, DELIVERY, ACCEPTANCE, CONSIDERATION NOT REQUIRED.  A TRANS-
 FER ON DEATH DEED SHALL BE EFFECTIVE WITHOUT:
   (A)  NOTICE OR DELIVERY TO OR ACCEPTANCE BY THE DESIGNATED BENEFICIARY
 DURING THE TRANSFEROR'S LIFE; OR
   (B) CONSIDERATION.
   9. REVOCATION BY INSTRUMENT AUTHORIZED; REVOCATION BY ACT NOT  PERMIT-
 TED.  (A)  SUBJECT  TO  PARAGRAPH (B) OF THIS SUBDIVISION, AN INSTRUMENT
 SHALL BE EFFECTIVE TO REVOKE A RECORDED TRANSFER ON DEATH DEED,  OR  ANY
 PART OF IT, ONLY IF THE INSTRUMENT:
   (1) IS ONE OF THE FOLLOWING:
   (A) A TRANSFER ON DEATH DEED THAT REVOKES THE DEED OR PART OF THE DEED
 EXPRESSLY OR BY INCONSISTENCY;
   (B)  AN  INSTRUMENT  OF  REVOCATION THAT EXPRESSLY REVOKES THE DEED OR
 PART OF THE DEED; OR
   (C) AN INTER VIVOS DEED THAT EXPRESSLY REVOKES THE TRANSFER  ON  DEATH
 DEED OR PART OF THE DEED; AND
   (2)  IS ACKNOWLEDGED BY THE TRANSFEROR AFTER THE ACKNOWLEDGMENT OF THE
 DEED BEING REVOKED AND RECORDED BEFORE THE  TRANSFEROR'S  DEATH  IN  THE
 PUBLIC RECORDS IN THE COUNTY CLERK'S OFFICE OF THE COUNTY WHERE THE DEED
 IS RECORDED.
   (B) IF A TRANSFER ON DEATH DEED IS MADE BY MORE THAN ONE TRANSFEROR:
   (1)  REVOCATION  BY  A  TRANSFEROR SHALL NOT AFFECT THE DEED AS TO THE
 INTEREST OF ANOTHER TRANSFEROR; AND
   (2) A DEED OF JOINT OWNERS SHALL ONLY BE REVOKED IF IT IS  REVOKED  BY
 ALL OF THE LIVING JOINT OWNERS.
   (C)  AFTER  A  TRANSFER  ON  DEATH  DEED  IS RECORDED, IT SHALL NOT BE
 REVOKED BY A REVOCATORY ACT ON THE DEED.
   (D) THIS SECTION SHALL NOT LIMIT THE EFFECT OF AN INTER VIVOS TRANSFER
 OF THE PROPERTY.
   10. EFFECT OF TRANSFER ON DEATH DEED DURING TRANSFEROR'S LIFE.  DURING
 A TRANSFEROR'S LIFE, A TRANSFER ON DEATH DEED SHALL NOT:
   (A) AFFECT AN INTEREST OR RIGHT OF THE TRANSFEROR OR ANY OTHER  OWNER,
 INCLUDING THE RIGHT TO TRANSFER OR ENCUMBER THE PROPERTY;
   (B) AFFECT AN INTEREST OR RIGHT OF A TRANSFEREE, EVEN IF THE TRANSFER-
 EE HAS ACTUAL OR CONSTRUCTIVE NOTICE OF THE DEED;

 S. 7267                             3
 
   (C)  AFFECT AN INTEREST OR RIGHT OF A SECURED OR UNSECURED CREDITOR OR
 FUTURE CREDITOR OF THE TRANSFEROR, EVEN IF THE CREDITOR  HAS  ACTUAL  OR
 CONSTRUCTIVE NOTICE OF THE DEED;
   (D)  AFFECT  THE  TRANSFEROR'S OR DESIGNATED BENEFICIARY'S ELIGIBILITY
 FOR ANY FORM OF PUBLIC ASSISTANCE;
   (E) CREATE A LEGAL OR EQUITABLE INTEREST IN FAVOR  OF  THE  DESIGNATED
 BENEFICIARY; OR
   (F)  SUBJECT  THE  PROPERTY  TO CLAIMS OR PROCESS OF A CREDITOR OF THE
 DESIGNATED BENEFICIARY.
   11. EFFECT OF TRANSFER ON DEATH  DEED  AT  TRANSFEROR'S  DEATH.    (A)
 EXCEPT  AS  OTHERWISE  PROVIDED  IN  THE TRANSFER ON DEATH DEED, IN THIS
 SECTION OR IN ANY OTHER SECTION OF LAW WHICH EFFECTS  NONPROBATE  TRANS-
 FERS, ON THE DEATH OF THE TRANSFEROR, THE FOLLOWING RULES APPLY TO PROP-
 ERTY  THAT  IS  THE SUBJECT OF A TRANSFER ON DEATH DEED AND OWNED BY THE
 TRANSFEROR AT DEATH:
   (1) SUBJECT TO SUBPARAGRAPH TWO OF THIS PARAGRAPH, THE INTEREST IN THE
 PROPERTY SHALL BE TRANSFERRED TO THE DESIGNATED BENEFICIARY  IN  ACCORD-
 ANCE WITH THE DEED.
   (2)  THE  INTEREST  OF  A  DESIGNATED BENEFICIARY IS CONTINGENT ON THE
 DESIGNATED BENEFICIARY SURVIVING  THE  TRANSFEROR.  THE  INTEREST  OF  A
 DESIGNATED BENEFICIARY THAT FAILS TO SURVIVE THE TRANSFEROR LAPSES.
   (3)  SUBJECT TO SUBPARAGRAPH FOUR OF THIS PARAGRAPH, CONCURRENT INTER-
 ESTS SHALL BE TRANSFERRED TO THE BENEFICIARIES IN  EQUAL  AND  UNDIVIDED
 SHARES WITH NO RIGHT OF SURVIVORSHIP.
   (4)  IF THE TRANSFEROR HAS IDENTIFIED TWO OR MORE DESIGNATED BENEFICI-
 ARIES TO RECEIVE CONCURRENT INTERESTS IN THE PROPERTY, THE SHARE OF  ONE
 WHICH  LAPSES OR FAILS FOR ANY REASON SHALL BE TRANSFERRED TO THE OTHER,
 OR TO THE OTHERS IN PROPORTION TO THE INTEREST OF EACH IN THE  REMAINING
 PART OF THE PROPERTY HELD CONCURRENTLY.
   (B)  SUBJECT TO THIS CHAPTER, A BENEFICIARY TAKES THE PROPERTY SUBJECT
 TO ALL CONVEYANCES,  ENCUMBRANCES,  ASSIGNMENTS,  CONTRACTS,  MORTGAGES,
 LIENS,  AND  OTHER  INTERESTS  TO  WHICH  THE PROPERTY IS SUBJECT AT THE
 TRANSFEROR'S DEATH. FOR PURPOSES OF THIS PARAGRAPH AND THIS CHAPTER, THE
 RECORDING OF THE TRANSFER ON DEATH DEED SHALL BE DEEMED TO HAVE OCCURRED
 AT THE TRANSFEROR'S DEATH.
   (C) IF A TRANSFEROR IS A JOINT OWNER AND IS SURVIVED BY  ONE  OR  MORE
 OTHER  JOINT  OWNERS,  THE PROPERTY THAT IS THE SUBJECT OF A TRANSFER ON
 DEATH DEED SHALL BELONG TO THE SURVIVING  JOINT  OWNER  OR  OWNERS  WITH
 RIGHT OF SURVIVORSHIP.
   (D)  IF  A TRANSFEROR IS A JOINT OWNER AND IS THE LAST SURVIVING JOINT
 OWNER, THE TRANSFER ON DEATH DEED SHALL BE EFFECTIVE.
   (E) A TRANSFER ON DEATH DEED TRANSFERS PROPERTY  WITHOUT  COVENANT  OR
 WARRANTY OF TITLE EVEN IF THE DEED CONTAINS A CONTRARY PROVISION.
   12.  DISCLAIMER. A BENEFICIARY MAY DISCLAIM ALL OR PART OF THE BENEFI-
 CIARY'S INTEREST IN THE SAME MANNER AS IF THE INTEREST  WAS  TRANSFERRED
 IN A WILL.
   13.  LIABILITY  FOR  CREDITOR CLAIMS AND STATUTORY ALLOWANCES.  (A) TO
 THE EXTENT THE TRANSFEROR'S PROBATE ESTATE IS INSUFFICIENT TO SATISFY AN
 ALLOWED CLAIM AGAINST THE ESTATE OR A STATUTORY ALLOWANCE TO A SURVIVING
 SPOUSE OR CHILD, THE ESTATE MAY ENFORCE THE LIABILITY  AGAINST  PROPERTY
 TRANSFERRED AT THE TRANSFEROR'S DEATH BY A TRANSFER ON DEATH DEED.
   (B)  IF  MORE THAN ONE PROPERTY IS TRANSFERRED BY ONE OR MORE TRANSFER
 ON DEATH DEEDS, THE LIABILITY UNDER PARAGRAPH (A) OF THIS SUBDIVISION IS
 APPORTIONED AMONG THE PROPERTIES IN PROPORTION TO THEIR  NET  VALUES  AT
 THE TRANSFEROR'S DEATH.

 S. 7267                             4
 
   (C)  A  PROCEEDING TO ENFORCE THE LIABILITY UNDER THIS SECTION MUST BE
 COMMENCED NO LATER THAN EIGHTEEN MONTHS AFTER THE TRANSFEROR'S DEATH.
   14.  FORM OF TRANSFER ON DEATH DEED. THE FOLLOWING FORM MAY BE USED TO
 CREATE A TRANSFER ON DEATH DEED. THE OTHER SUBDIVISIONS OF THIS  SECTION
 SHALL GOVERN THE EFFECT OF THIS OR ANY OTHER INSTRUMENT USED TO CREATE A
 TRANSFER ON DEATH DEED:
 
                              (FRONT OF FORM)
 
                     REVOCABLE TRANSFER ON DEATH DEED
 
   NOTICE TO OWNER
       YOU  SHOULD  CAREFULLY  READ  ALL INFORMATION ON THE OTHER SIDE OF
 THIS FORM. YOU MAY WANT TO CONSULT A LAWYER BEFORE USING THIS FORM.
       THIS FORM MUST BE RECORDED BEFORE YOUR DEATH, OR IT  WILL  NOT  BE
 EFFECTIVE.
 
   IDENTIFYING INFORMATION
 
       OWNER OR OWNERS MAKING THIS DEED:
 
 ________________________________________________________________________
           PRINTED NAME                       MAILING ADDRESS
 
 ________________________________________________________________________
           PRINTED NAME                       MAILING ADDRESS
 
       LEGAL DESCRIPTION OF THE PROPERTY:
 ________________________________________________________________________
 
   PRIMARY BENEFICIARY
 
       I  DESIGNATE THE FOLLOWING BENEFICIARY IF THE BENEFICIARY SURVIVES
 ME.

 ________________________________________________________________________
           PRINTED NAME                  MAILING ADDRESS, IF AVAILABLE
 
   ALTERNATE BENEFICIARY - OPTIONAL
 
   IF MY PRIMARY BENEFICIARY DOES NOT SURVIVE ME, I DESIGNATE THE FOLLOW-
 ING ALTERNATE BENEFICIARY IF THAT BENEFICIARY SURVIVES ME.
 
 ________________________________________________________________________
           PRINTED NAME                  MAILING ADDRESS, IF AVAILABLE
 
   TRANSFER ON DEATH
 
   AT MY DEATH, I TRANSFER MY INTEREST IN THE DESCRIBED PROPERTY  TO  THE
 BENEFICIARIES AS DESIGNATED ABOVE.
   BEFORE MY DEATH, I HAVE THE RIGHT TO REVOKE THIS DEED.
 
   SIGNATURE OF OWNER OR OWNERS MAKING THIS DEED

 ________________________________________________________________________
           SIGNATURE                               DATE

 S. 7267                             5
 
 ________________________________________________________________________
           SIGNATURE                               DATE
 
   ACKNOWLEDGMENT
 
   (INSERT ACKNOWLEDGMENT FOR DEED HERE)
 
                              (BACK OF FORM)
 
                COMMON QUESTIONS ABOUT THE USE OF THIS FORM
 
   WHAT DOES THE TRANSFER ON DEATH (TOD) DEED DO? WHEN YOU DIE, THIS DEED
 TRANSFERS  THE DESCRIBED PROPERTY, SUBJECT TO ANY LIENS OR MORTGAGES (OR
 OTHER ENCUMBRANCES) ON THE  PROPERTY  AT  YOUR  DEATH.  PROBATE  IS  NOT
 REQUIRED.  THE  TOD DEED HAS NO EFFECT UNTIL YOU DIE.  YOU CAN REVOKE IT
 AT ANY TIME. YOU ARE ALSO FREE TO TRANSFER THE PROPERTY TO SOMEONE  ELSE
 DURING  YOUR  LIFETIME.  IF  YOU DO NOT OWN ANY INTEREST IN THE PROPERTY
 WHEN YOU DIE, THIS DEED WILL HAVE NO EFFECT.
   HOW DO I MAKE A TOD DEED? COMPLETE THIS  FORM.  HAVE  IT  ACKNOWLEDGED
 BEFORE  A  NOTARY  PUBLIC  OR OTHER INDIVIDUAL AUTHORIZED BY LAW TO TAKE
 ACKNOWLEDGMENTS. RECORD THE FORM IN EACH COUNTY WHERE ANY  PART  OF  THE
 PROPERTY  IS  LOCATED.  THE FORM HAS NO EFFECT UNLESS IT IS ACKNOWLEDGED
 AND RECORDED BEFORE YOUR DEATH.
   IS THE "LEGAL DESCRIPTION" OF THE PROPERTY NECESSARY? YES.
   HOW DO I FIND THE "LEGAL DESCRIPTION" OF THE PROPERTY?  THIS  INFORMA-
 TION  MAY  BE  ON  THE DEED YOU RECEIVED WHEN YOU BECAME AN OWNER OF THE
 PROPERTY. THIS INFORMATION MAY ALSO BE AVAILABLE IN THE  COUNTY  CLERK'S
 OFFICE OF THE COUNTY WHERE THE PROPERTY IS LOCATED. IF YOU ARE NOT ABSO-
 LUTELY SURE, CONSULT A LAWYER.
   CAN  I  CHANGE  MY MIND BEFORE I RECORD THE TOD DEED? YES. IF YOU HAVE
 NOT YET RECORDED THE DEED AND WANT TO CHANGE YOUR MIND, SIMPLY  TEAR  UP
 OR OTHERWISE DESTROY THE DEED.
   HOW  DO  I  "RECORD" THE TOD DEED? TAKE THE COMPLETED AND ACKNOWLEDGED
 FORM TO THE COUNTY CLERK'S OFFICE OF THE COUNTY WHERE  THE  PROPERTY  IS
 LOCATED.   FOLLOW THE INSTRUCTIONS GIVEN BY THE COUNTY CLERK TO MAKE THE
 FORM PART OF THE OFFICIAL PROPERTY RECORDS. IF THE PROPERTY IS  IN  MORE
 THAN ONE COUNTY, YOU SHOULD RECORD THE DEED IN EACH COUNTY.
   CAN  I  LATER  REVOKE  THE  TOD DEED IF I CHANGE MY MIND? YES. YOU CAN
 REVOKE THE TOD DEED. NO ONE, INCLUDING THE  BENEFICIARIES,  CAN  PREVENT
 YOU FROM REVOKING THE DEED.
   HOW  DO  I  REVOKE  THE TOD DEED AFTER IT IS RECORDED? THERE ARE THREE
 WAYS TO REVOKE A RECORDED TOD DEED: (1) COMPLETE AND ACKNOWLEDGE A REVO-
 CATION FORM, AND RECORD IT IN EACH COUNTY WHERE THE PROPERTY IS LOCATED.
 (2) COMPLETE AND ACKNOWLEDGE A NEW TOD DEED THAT DISPOSES  OF  THE  SAME
 PROPERTY,  AND  RECORD  IT IN EACH COUNTY WHERE THE PROPERTY IS LOCATED.
 (3) TRANSFER THE PROPERTY TO SOMEONE ELSE  DURING  YOUR  LIFETIME  BY  A
 RECORDED  DEED  THAT  EXPRESSLY REVOKES THE TOD DEED. YOU MAY NOT REVOKE
 THE TOD DEED BY WILL.
   I AM BEING PRESSURED TO COMPLETE THIS FORM. WHAT SHOULD I DO?  DO  NOT
 COMPLETE  THIS  FORM  UNDER  PRESSURE.  SEEK  HELP FROM A TRUSTED FAMILY
 MEMBER, FRIEND, OR LAWYER.
   DO I NEED TO TELL THE BENEFICIARIES ABOUT THE TOD DEED? NO, BUT IT  IS
 RECOMMENDED.    SECRECY  CAN CAUSE LATER COMPLICATIONS AND MIGHT MAKE IT
 EASIER FOR OTHERS TO COMMIT FRAUD.

 S. 7267                             6
 
   I HAVE OTHER QUESTIONS ABOUT THIS FORM. WHAT SHOULD I DO? THIS FORM IS
 DESIGNED TO FIT SOME BUT NOT ALL SITUATIONS. IF  YOU  HAVE  OTHER  QUES-
 TIONS, YOU ARE ENCOURAGED TO CONSULT A LAWYER.
   15.  FORM  OF  REVOCATION. THE FOLLOWING FORM MAY BE USED TO CREATE AN
 INSTRUMENT OF REVOCATION UNDER THIS SECTION. THE OTHER  SUBDIVISIONS  OF
 THIS  SECTION  SHALL  GOVERN  THE EFFECT OF THIS OR ANY OTHER INSTRUMENT
 USED TO REVOKE A TRANSFER ON DEATH DEED.
 
                              (FRONT OF FORM)
 
                   REVOCATION OF TRANSFER ON DEATH DEED
 
   NOTICE TO OWNER
   THIS REVOCATION MUST BE RECORDED BEFORE YOU DIE  OR  IT  WILL  NOT  BE
 EFFECTIVE.  THIS REVOCATION IS EFFECTIVE ONLY AS TO THE INTERESTS IN THE
 PROPERTY OF OWNERS WHO SIGN THIS REVOCATION.
 
   IDENTIFYING INFORMATION
 
   OWNER OR OWNERS OF PROPERTY MAKING THIS REVOCATION:

 ________________________________________________________________________
           PRINTED NAME                       MAILING ADDRESS
 
 ________________________________________________________________________
           PRINTED NAME                       MAILING ADDRESS
 
   LEGAL DESCRIPTION OF THE PROPERTY:
 ________________________________________________________________________
 
   REVOCATION
 
   I REVOKE ALL MY PREVIOUS TRANSFERS OF THIS  PROPERTY  BY  TRANSFER  ON
 DEATH DEED.
 
   SIGNATURE OF OWNER OR OWNERS MAKING THIS REVOCATION
 ________________________________________________________________________
           SIGNATURE                               DATE

 ________________________________________________________________________
           SIGNATURE                               DATE
 
   ACKNOWLEDGMENT
 
   (INSERT ACKNOWLEDGMENT HERE)
 
                              (BACK OF FORM)
 
                COMMON QUESTIONS ABOUT THE USE OF THIS FORM
   HOW  DO  I  USE  THIS  FORM  TO REVOKE A TRANSFER ON DEATH (TOD) DEED?
 COMPLETE THIS FORM. HAVE IT ACKNOWLEDGED BEFORE A NOTARY PUBLIC OR OTHER
 INDIVIDUAL AUTHORIZED TO TAKE ACKNOWLEDGMENTS. RECORD THE  FORM  IN  THE
 PUBLIC  RECORDS  IN  THE  COUNTY  CLERK'S OFFICE OF THE COUNTY WHERE THE
 PROPERTY IS LOCATED. THE FORM MUST BE ACKNOWLEDGED AND  RECORDED  BEFORE
 YOUR DEATH OR IT HAS NO EFFECT.

 S. 7267                             7
 
   HOW  DO  I FIND THE "LEGAL DESCRIPTION" OF THE PROPERTY? THIS INFORMA-
 TION MAY BE ON THE TOD DEED. IT MAY ALSO  BE  AVAILABLE  IN  THE  COUNTY
 CLERK'S  OFFICE  OF THE COUNTY WHERE THE PROPERTY IS LOCATED. IF YOU ARE
 NOT ABSOLUTELY SURE, CONSULT A LAWYER.
   HOW  DO  I "RECORD" THE FORM? TAKE THE COMPLETED AND ACKNOWLEDGED FORM
 TO THE COUNTY CLERK'S  OFFICE  OF  THE  COUNTY  WHERE  THE  PROPERTY  IS
 LOCATED.   FOLLOW THE INSTRUCTIONS GIVEN BY THE COUNTY CLERK TO MAKE THE
 FORM PART OF THE OFFICIAL PROPERTY RECORDS. IF THE PROPERTY  IS  LOCATED
 IN  MORE  THAN  ONE  COUNTY, YOU SHOULD RECORD THE FORM IN EACH OF THOSE
 COUNTIES.
   I AM BEING PRESSURED TO COMPLETE THIS FORM. WHAT SHOULD I DO?  DO  NOT
 COMPLETE  THIS  FORM  UNDER  PRESSURE.  SEEK  HELP FROM A TRUSTED FAMILY
 MEMBER, FRIEND, OR LAWYER.
   I HAVE OTHER QUESTIONS ABOUT THIS FORM. WHAT SHOULD I DO? THIS FORM IS
 DESIGNED TO FIT SOME BUT NOT ALL SITUATIONS. IF  YOU  HAVE  OTHER  QUES-
 TIONS, CONSULT A LAWYER.
   §  2.  This  act  shall take effect immediately and shall apply to any
 transfer on death deed made before, on, or after the effective  date  of
 this  act  by  a transferor dying on or after the effective date of this
 act.

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Sponsored By

Tony Avella

Archive: Last Bill Status - In Senate Committee Judiciary Committee

Actions

2017-S7267 (ACTIVE) - Details

2017-S7267 (ACTIVE) - Summary

2017-S7267 (ACTIVE) - Sponsor Memo

2017-S7267 (ACTIVE) - Bill Text download pdf

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