HB 1425 – Uniform Probate and Trust Codes; enact portions
Representative Roberson introduced HB 1425 at the request of the Mississippi Secretary of State’s office. If passed and signed into law, HB 1425 would enact the following:
- Mississippi Real Property Transfer on Death Act
- Mississippi Uniform Estate Tax Apportionment Act
- Mississippi Uniform Disclaimer of Property Interests Act
Of particular interest to the land title industry is the proposed Mississippi Real Property Transfer on Death Act, which would allow individuals to record a deed in advance of their death that would – upon death – transfer the described real property to the named grantees without going through the probate process.
A transfer on death deed is a nontestamentary instrument that must be recorded before the transferor’s death. A will may not revoke or supersede a transfer on death deed; however, a subsequent recorded transfer on death deed that revokes the preceding transfer or another instrument of revocation that is recorded may revoke a transfer of death deed. No consideration or acceptance is required by a beneficiary and no notice is required either.
It is important to note that a transfer on death deed does NOT:
- Affect an interest or right of the transferor or any other owner including homestead rights, the right to transfer or encumber real property, etc.;
- Affect an interest or right of a secured or unsecured creditor;
- Create a legal or equitable interest in favor of the designated beneficiary;
- Subject the property to claims of the designated beneficiary’s creditors;
Transfer the real property on death with a covenant of warranty of title.
To learn more, read the bill!
To learn more about the Mississippi Secretary of State’s Probate Study Group’s efforts, visit: http://www.sos.ms.gov/Policy-Research/Pages/Probate-Code-2018.aspx