SB 728
Relating generally to transfer on death deed
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
Senate Bill 728 modifies West Virginia’s laws regarding transfer on death deeds, which allow property owners to pass their real estate directly to a beneficiary upon their death without going through probate. The bill clarifies the requirements for these deeds, specifically outlining the necessary elements and ensuring the transferor has the legal capacity to execute them. It also addresses recording requirements and clarifies that these deeds are exempt from privilege tax.
Key provisions
- Specifies the essential elements of a transfer on death deed.
- Requires the deed to state the transfer is to occur upon the transferor’s death.
- Mandates the transferor must have the requisite capacity to execute the deed.
- Requires the deed to be recorded in the county clerk’s office before the transferor’s death.
- Clarifies that recording an TODD deed exempts it from privilege tax.
Who is affected
- Real estate owners in West Virginia
- Beneficiaries of transfer on death deeds
- County clerks' offices
Notable changes
- Clarifies the recording requirements for transfer on death deeds.
- Explicitly states the exemption from privilege tax for transfer on death deeds.
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