17RS House Bill 357

House Bill 357

Actions

Last Action	to Judiciary (H)
Title	AN ACT relating to the transfer of real property on death.
Bill Documents	Introduced
Impact Statements	Local Mandate
Bill Request Number	109
Sponsor	D. Keene
Summary of Original Version	Create KRS Chapter 394 and establish within it 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; provide definitions; clarifies that a transfer on death deed is not an inter vivos transfer and transfer occurs at the time of the transferor’s death; provide that the transferor retains the power to revoke a transfer on death deed, enumerate that a transfer on deed is nontestmentary; establish requirements for the elements of a transfer on death deed and clarify recording of a transfer on death deed; provide that a transfer on death deed is effective without notice to or acceptance by the beneficiary during the transferor’s lifetime; establish provisions for revocation of a transfer on death deed by instrument or act; enumerate effect of transfer on death deed during transferor’s life; provide for the impact of transfer on death deeds at the transferor’s death; allow a beneficiary to disclaim all or part of the beneficiary’s interests; clarify impact of transfer on death deed on claims when estate is insufficient; enumerate that a beneficiary of a transfer on death deed may disclaim the property interest in the deed; provide the form for creating a transfer on death deed; provide the form for revocation of a transfer on death deed; require that the provisions of Chapter 394 be applied and construed so as to promote uniformity; conform to federal requirements related to electronic signatures and records; specify the applicability of Chapter 394 to current law; provide that this Chapter may be cited as the Uniform Real Property Transfer on Death Act; and amend KRS 382.110; 391.360, and 403.190 to conform.
Index Headings of Original Version	County Clerks - Uniform Real Property Transfer on Death Act, adoption of Courts - Uniform Real Property Transfer on Death Act, adoption of Federal Laws and Regulations - Uniform Real Property Transfer on Death Act, adoption of Fiduciaries - Uniform Real Property Transfer on Death Act, adoption of Property - Uniform Real Property Transfer on Death Act, adoption of Taxation, Inheritance and Estate - Uniform Real Property Transfer on Death Act, adoption of Uniform Laws - Uniform Real Property Transfer on Death Act, adoption of Civil Actions - Uniform Real Property Transfer on Death Act, adoption of Civil Procedure - Uniform Real Property Transfer on Death Act, adoption of Local Mandate - Uniform Real Property Transfer on Death Act, adoption of

02/14/17	introduced in House
02/15/17	to Judiciary (H)