SB 193
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 193 clarifies the requirements for transfer on death (TOD) deeds in West Virginia. Specifically, it ensures that TOD deeds meet the standards of a regular deed and clearly state that the transfer will occur upon the transferor’s death. The bill also confirms that the transferor must have the same legal capacity to execute a will. Furthermore, it clarifies that TOD deeds are exempt from privilege tax when recorded.
Key provisions
- TOD deeds must meet the formalities of a standard inter vivos deed.
- TOD deeds must explicitly state the transfer will occur at the transferor’s death.
- The transferor must have the same legal capacity as required to make a will.
- TOD deeds must be recorded in the county where the property is located before the transferor’s death.
- TOD deeds are exempt from West Virginia’s real estate privilege tax.
Who is affected
- Property owners in West Virginia
- Beneficiaries of transfer on death deeds
- Real estate attorneys
- County clerks
Notable changes
- Clarifies capacity requirements for transfer on death deeds aligning them with will execution requirements.
- Explicitly states the recording requirement for TOD deeds.
- Confirms the exemption from privilege tax for TOD deeds.
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