Maryland SB651 establishes the creation, revocation, and effects of transfer-on-death deeds for real property.

Maryland SB651 creates a transfer-on-death deed for real property, which transfers ownership to a designated beneficiary upon the transferor's death. The deed is nontestamentary, revocable, and does not require consideration. Beneficiaries can be primary and alternate, and if multiple beneficiaries are named, they take the property as joint tenants with rights of survivorship. The deed is exempt from certain property transfer taxes and does not affect creditors or public assistance eligibility.

Maryland SB651 establishes the creation, revocation, and effects of transfer-on-death deeds for real property.

Maryland SB651 creates a transfer-on-death deed for real property, which transfers ownership to a designated beneficiary upon the transferor's death. The deed is nontestamentary, revocable, and does not require consideration. Beneficiaries can be primary and alternate, and if multiple beneficiaries are named, they take the property as joint tenants with rights of survivorship. The deed is exempt from certain property transfer taxes and does not affect creditors or public assistance eligibility.