CT
Connecticut Senate Bill SB00117

Connecticut 2016 Regular Session

Connecticut Senate Bill SB00117

Introduced
2/17/16  
Introduced
2/17/16  

Caption

An Act Concerning Adoption Of The Uniform Real Property Transfer On Death Act.

Impact

The impact of this bill on state laws is significant as it modifies existing property laws to allow for a nontestamentary transfer of real estate. By permitting property owners to use a TOD deed, the bill potentially eliminates unnecessary probate costs and delays for heirs. The legislation promotes uniformity in property transfer laws across states and aims to reduce complications that often arise in real estate transfers during inheritance situations. As a uniform act, it may lead to a more consistent legal framework for such transfers, facilitating smoother transactions in the real estate market.

Summary

SB00117 is an act concerning the adoption of the Uniform Real Property Transfer on Death Act, aiming to provide a streamlined process for transferring property ownership upon the death of the property owner. This legislation facilitates what is known as a transfer on death (TOD) deed, allowing individuals to designate one or more beneficiaries who will automatically receive the property at the owner's death, bypassing the probate process. This is particularly beneficial for property owners as it simplifies the transfer of assets and can expedite the inheritance process for beneficiaries.

Contention

Notable points of contention surrounding SB00117 involve concerns regarding the implications of changing property ownership structures and possible unintended consequences for creditors. Critics may argue that allowing property to be transferred outside of probate could affect claims by creditors against the deceased's estate. Additionally, there may be apprehensions regarding the adequacy of disclosures about the TOD process for beneficiaries, particularly if heirs are unaware of the property transfer vehicle at the time of the transferor's death.

Companion Bills

No companion bills found.

Previously Filed As

CT SB00272

An Act Concerning Adoption Of The Connecticut Uniform Trust Decanting Act.

CT SB00393

An Act Implementing The Treasurer's Recommendations Concerning Unclaimed Property.

CT SB00452

An Act Concerning The Property Tax Appeals Process And The Penalty Related To The Submission Of Income And Expenses Information For Rental Properties.

CT SB00501

An Act Concerning Motor Vehicle Assessments For Property Taxation, Innovation Banks, The Interest On Certain Tax Underpayments, The Assessment On Insurers, School Building Projects, The South Central Connecticut Regional Water Authority Charter And Certain State Historic Preservation Officer Procedures.

CT HB05142

An Act Concerning Consumer Credit, Certain Bank Real Estate Improvements, The Connecticut Uniform Securities Act, Shared Appreciation Agreements, Innovation Banks, The Community Bank And Community Credit Union Program And Technical Revisions To The Banking Statutes.

CT SB00006

An Act Concerning Housing.

CT SB00450

An Act Phasing In The Exemption Of Motor Vehicles From Property Tax And Increases In The Uniform Property Assessment Rate.

CT HB05172

An Act Concerning The Assessment Of Motor Vehicles For Property Taxation.

CT HB05228

An Act Concerning The Purchase Of Certain Lands At Agricultural Value.

CT HB05290

An Act Concerning Various Revisions To The Public Health Statutes.

Similar Bills

TX HB703

Relating to authorizing a revocable deed that transfers real property at the transferor's death.

TX SB462

Relating to authorizing a revocable deed that transfers real property at the transferor's death.

RI S0141

Allows an owner or owners of real property to execute a deed that names one or more beneficiaries who will obtain title to the property at the owner's death without the necessity of probate.

RI H8130

Allows an owner or owners of real property to execute a deed that names one or more beneficiaries who will obtain title to the property at the owner's death without the necessity of probate.

RI S2027

Allows an owner or owners of real property to execute a deed that names one or more beneficiaries who will obtain title to the property at the owner's death without the necessity of probate.

RI S0136

Uniform Real Property Transfer On Death Act

TN SB0984

AN ACT to amend Tennessee Code Annotated, Title 8; Title 30; Title 31; Title 32; Title 35; Title 55; Title 66 and Title 67, relative to property.

CT HB07096

An Act Concerning Adoption Of The Uniform Real Property Transfer On Death Act.