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Committee hears bill to require notice to municipalities when beneficiaries of transfer-on-death deeds die
Summary
The Senate Election Law and Municipal Affairs Committee heard testimony on SB 42, sponsored by Sen. Jim Gray, which would require beneficiaries of transfer-on-death deeds to file a death affidavit or similar notice so municipalities know when ownership has effectively changed.
The Senate Election Law and Municipal Affairs Committee opened a hearing on SB 42, sponsored by Senator James Gray, on a proposal that would require beneficiaries named on transfer-on-death deeds to file paperwork notifying municipal authorities when a beneficiary dies.
Supporters told the committee the bill corrects a gap created when the transfer-on-death deed statutes took effect and left no mechanism for municipalities to learn that a named beneficiary has died. That gap, they said, can leave property listed in municipal records under the wrong person and let exemptions or credits remain attached to properties no longer qualified.
“[T]he…
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