AN ACT relating to the transfer of property upon death.

Short title: Uniform Real Property Transfer on Death Act, adoption

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 the transfer occurs at the time of the transferor's death; specify that the transferor retains the power to revoke a transfer on death deed;…

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This bill creates a new legal tool in Kentucky that lets property owners name a beneficiary to automatically receive their real estate or vehicle when they die, without going through the probate court process. The owner keeps full control of the property during their lifetime and can change or cancel the arrangement at any time. It also sets up standard forms through state agencies to make the process accessible. Who it may affect: Kentucky property owners who want to plan how their assets pass to loved ones, potential heirs and beneficiaries, and individuals with Medicaid coverage who own real property.

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