HB 50 KY

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Introduced

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.

• S. Rawlings Republican · primary
• K. Banta Republican · primary
• J. Bauman Republican · primary
• K. Bratcher · primary
• J. Calloway Republican · primary
• S. Doan Republican · primary
• M. Hart Republican · primary
• J. Hodgson Republican · primary
• M. Lockett Republican · primary
• C. Massaroni Republican · primary
• J. Nemes Republican · primary
• M. Proctor Republican · primary

1. Jan 2, 2024 introduced in House · lower
2. Jan 2, 2024 to Committee on Committees (H) · lower
3. Jan 23, 2024 to Judiciary (H) · lower
4. Jan 24, 2024 reported favorably, 1st reading, to Calendar with Committee Substitute (1) and Committee Amendment (1-title) · lower
5. Jan 25, 2024 2nd reading, to Rules · lower
6. Jan 25, 2024 recommitted to Appropriations & Revenue (H) · lower

The published texts of this bill as it moves through the legislature. Each links to the official document on the state legislature site. Data from OpenStates.

• Introduced · PDF