Bill No.:                     HB0201                                 Drafter:  LNS

LSO No.:                   13LSO-0477                         Effective Date:  7/1/2013

Enrolled Act No.:    HEA0094

Chapter No.:            CH0100

Prime Sponsor:       Representative Blevins

Catch Title:              Transfer on death deed.

Subject:                     Transfer of property effective on death.

Summary/Major Elements:

· This act allows an owner of real property to transfer the property to a designated person by a deed that does not become effective until the owner dies.

· An owner who executes a transfer on death deed, in general, retains all the rights of ownership and has exclusive control over the property and may change the designated beneficiary.

· The act creates a method of transferring real property without having to go through probate.

· When the property is transferred on the owner’s death, it is subject to debts secured by the property.

Comments:

· Transfer on Death Act