§ 15-15-402 — Real property - beneficiary deed

(1) In addition to any method
allowed by law to effect a transfer at death, title to an interest in real property may
be transferred on the death of the owner by recording, prior to the owner's death, a
beneficiary deed signed by the owner of such interest, as grantor, designating a
grantee-beneficiary of the interest. The transfer by a beneficiary deed shall be
effective only upon the death of the owner. A beneficiary deed need not be
supported by consideration.

(2) The joinder, signature, consent, or agreement of, or notice to, a grantee-beneficiary of a beneficiary deed prior to the death of the grantor shall not be
required. Subject to the right of the grantee-beneficiary to disclaim or refuse to
accept the property, the conveyance shall be effective upon the death of the owner.

(3) During the lifetime of the owner, the grantee-beneficiary shall have no
right, title, or interest in or to the property, and the owner shall retain the full power
and authority with respect to the property without the joinder, signature, consent,
or agreement of, or notice to, the grantee-beneficiary for any purpose.

Legislative History

Source: L. 2004: Entire part added, p. 728, � 1, effective August 4.