Plain English Breakdown
Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.
AN ACT TO AMEND TITLE 12, TITLE 18, TITLE 25, AND TITLE 30 OF THE DELAWARE CODE RELATING TO THE UNIFORM REAL PROPERTY TRANSFER ON DEATH ACT.
AN ACT TO AMEND TITLE 12, TITLE 18, TITLE 25, AND TITLE 30 OF THE DELAWARE CODE RELATING TO THE UNIFORM REAL PROPERTY TRANSFER ON DEATH ACT.
What This Bill Does
- AN ACT TO AMEND TITLE 12, TITLE 18, TITLE 25, AND TITLE 30 OF THE DELAWARE CODE RELATING TO THE UNIFORM REAL PROPERTY TRANSFER ON DEATH ACT.
- Delaware currently permits the nonprobate transfer of bank accounts, investments, and vehicles.
- This Act provides a mechanism for the nonprobate transfer of real estate without requiring the creation of a revocable trust.
- This is done by permitting an owner of an interest in real estate to execute and record a transfer on death (“TOD”) deed designating a beneficiary who will automatically receive the real estate on the owner's death.
Limits and Unknowns
- This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.