23RS HB 72

House Bill 72

Actions

Last Action	02/23/23: to Appropriations & Revenue (H)
Title	AN ACT relating to the transfer of property on death.
Bill Documents	Introduced
Fiscal Impact Statement	Local Mandate
Bill Request Number	185
Sponsors	S. Rawlings, K. Banta, L. Burke, S. Doan, M. Proctor
Summary of Original Version	Create new sections of KRS Chapter 394 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 394 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 394 to current law; specify that this Act may be cited as the Uniform Real Property Transfer on Death Act; amend KRS 382.110, 391.360, and 403.190 to conform; create a new section of KRS Chapter 140 to limit inheritance and estate taxes to deaths occurring before July 1, 2023; repeal KRS 140.130 and 140.140, relating to levy and payment of estate tax.
Index Headings of Original Version	Local Mandate - Uniform Real Property Transfer on Death Act, adoption County Clerks - Uniform Real Property Transfer on Death Act, adoption Courts - Uniform Real Property Transfer on Death Act, adoption Federal Laws and Regulations - Uniform Real Property Transfer on Death Act, adoption Fiduciaries - Uniform Real Property Transfer on Death Act, adoption Property - Uniform Real Property Transfer on Death Act, adoption Sunset Legislation - Inheritance and estate taxes, application only to deaths occurring before July 1, 2023 Taxation - Inheritance and estate taxes, deaths prior to July 1, 2023 Taxation, Inheritance and Estate - Deaths prior to July 1, 2023 Taxation, Inheritance and Estate - Uniform Real Property Transfer on Death Act, adoption Uniform Laws - Uniform Real Property Transfer on Death Act, adoption Wills and Estates - Inheritance and estate taxes, application only to deaths occurring before July 1, 2023 Civil Actions - Uniform Real Property Transfer on Death Act, adoption Civil Procedure - Uniform Real Property Transfer on Death Act, adoption

01/04/23	introduced in House to Committee on Committees (H)
02/23/23	to Appropriations & Revenue (H)