| Last Action | 01/25/24: recommitted to Appropriations & Revenue (H) |
|---|---|
| Title | AN ACT relating to the administration of estates and creating an emergency. |
| Bill Documents | Introduced |
| Fiscal Impact Statements |
Fiscal Note
Local Mandate Additional Fiscal Impact Statements Exist |
| Bill Request Number | 228 |
| Sponsors | S. Rawlings, K. Banta, J. Bauman, K. Bratcher, J. Calloway, S. Doan, M. Hart, J. Hodgson, M. Lockett, C. Massaroni, J. Nemes, M. Proctor |
| Summary of Original Version | Create new sections of KRS Chapter 391 to establish the 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 revocable and shall be 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; provide the form for creating a transfer on death deed; provide the form for revocation of a transfer on death deed; require that in applying and construing the uniform language consideration be given to the need to promote uniformity; conform to federal requirements related to electronic signatures and records; specify that the uniform act shall not affect any method of transferring property otherwise permitted; provide that Sections 1 to 13 of this Act may be cited as the Uniform Real Property Transfer on Death Act; amend KRS 64.012 to provide the recording fee for a transfer on death deed or revocation; amend KRS 381.280, 382.110, 382.135, 391.360, 392.020, 392.070, 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; amend KRS 395.445 to allow the court to arder that administration of certain minors be dispensed with and the assets transferred to the surviving parents of that minor; create a new section of KRS Chapter 140 to limit inheritance taxes to deaths occurring prior to July 1, 2024; repeal KRS 140.130 and 140.140 relating to the levy and payment of the Kentucky estate tax; EMERGENCY. |
| Index Headings of Original Version |
Effective Dates, Emergency - Uniform Real Property Transfer on Death Act, inheritance tax, July 1, 2024 Local Mandate - Uniform Real Property Transfer on Death Act Fiscal Note - Transfer on death, requirements County Clerks - Uniform Real Property Transfer on Death Act Courts - Uniform Real Property Transfer on Death Act Deaths - Uniform Real Property Transfer on Death Act Deeds and Conveyances - Transfer on death, requirements Federal Laws and Regulations - Uniform Real Property Transfer on Death Act Fiduciaries - Uniform Real Property Transfer on Death Act Motor Vehicles - Title, transfer on death, requirements Property - Uniform Real Property Transfer on Death Act Property - Vehicles, transfer on death, requirements Transportation - Form, development by cabinet, vehicle, transfer on death Transportation - Vehicle, transfer on death Uniform Laws - Uniform Real Property Transfer on Death Act Wills and Estates - Transfer on death deed, nontestamentary Children and Minors - Transfer on death, requirements Civil Actions - Uniform Real Property Transfer on Death Act Civil Procedure - Uniform Real Property Transfer on Death Act Short Titles and Popular Names - Uniform Real Property Transfer on Death Act Taxation - Inheritance tax, deaths occurring prior to July 1, 2024 Taxation, Inheritance and Estate - Deaths occurring prior to July 1, 2024 |
| Jump to Proposed Amendments |
House Committee Substitute 1 with Fiscal Impact Statements House Committee Amendment 1 |
| 01/02/24 |
|
|---|---|
| 01/23/24 |
|
| 01/24/24 |
|
| 01/25/24 |
|
| Amendment | House Committee Substitute 1 |
|---|---|
| Fiscal Impact Statement | Local Mandate to House Committee Substitute 1 |
| Summary | Retain original provisions, modify the period of time for a proceeding to be commenced to 120 days, instead of 12 months; allow the court to dispense with the administration of the estate if assets are held in the names of a guardian of the property or a custodian under the Uniform Transfers to Minors Act; remove all provisions related to the inheritance and estate taxes; remove emergency clause. |
| Index Headings |
Local Mandate - Inheritance tax provisions, removal Property - Uniform Transfers to Minors Act Children and Minors - Uniform Transfers to Minors Act Taxation - Inheritance tax provisions, removal Taxation, Inheritance and Estate - Provisions, removal |
| Amendment | House Committee Amendment 1 |
|---|---|
| Sponsor | D. Elliott |
| Summary | Make title amendment. |
| Index Headings | Title Amendments - HB 50 |
Last updated: 4/22/2024 3:57 PM (EDT)