Kentucky House Bill 50 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 12-0)
Status: Introduced on January 2 2024 - 25% progression, died in committee
Action: 2024-01-25 - recommitted to Appropriations & Revenue (H)
Pending: House Appropriations and Revenue Committee
Text: Latest bill text (Introduced) [PDF]

Create new sections of KRS Chapter 391 to establish the Uniform Real Property Transfer on Death Act to codify provisions for the creation, administration, modification, termination, and validity of transfer on death deeds; define terms; specify that a transfer on death deed is revocable and shall be nontestmentary; establish requirements for a transfer on death deed and specify the process of recording a transfer on death deed; specify that a transfer on death deed is effective without notice to or acceptance by the beneficiary during the transferor’s lifetime; establish provisions for the revocation of a transfer on death deed by instrument or act; enumerate the effect of a transfer on death deed during transferor’s life; allow a beneficiary to disclaim all or part of the beneficiary’s interests; specify the impact of transfer on death deed on claims when an estate is insufficient; provide the form for creating a transfer on death deed; provide the form for revocation of a transfer on death deed; require that in applying and construing the uniform language consideration be given to the need to promote uniformity; conform to federal requirements related to electronic signatures and records; specify that the uniform act shall not affect any method of transferring property otherwise permitted; provide that Sections 1 to 13 of this Act may be cited as the Uniform Real Property Transfer on Death Act; amend KRS 64.012 to provide the recording fee for a transfer on death deed or revocation; amend KRS 381.280, 382.110, 382.135, 391.360, 392.020, 392.070, and 403.190 to conform; create a new section of KRS Chapter 186A to define terms; establish requirements for a transfer of a vehicle's title to a named beneficiary upon the death of the owner; direct the Transportation Cabinet to develop a form for transfer; amend KRS 395.445 to allow the court to arder that administration of certain minors be dispensed with and the assets transferred to the surviving parents of that minor; create a new section of KRS Chapter 140 to limit inheritance taxes to deaths occurring prior to July 1, 2024; repeal KRS 140.130 and 140.140 relating to the levy and payment of the Kentucky estate tax; EMERGENCY.

AN ACT relating to the administration of estates and creating an emergency.

Sen. Steve Rawlings [R]	Rep. Kimberly Banta [R]	Rep. Jared Bauman [R]	Rep. Kevin Bratcher [R]
Rep. Josh Calloway [R]	Rep. Steven Doan [R]	Rep. Mark Hart [R]	Rep. John Hodgson [R]
Rep. Matt Lockett [R]	Rep. Candy Massaroni [R]	Rep. Jason Nemes [R]	Rep. Marianne Proctor [R]

Date	Chamber	Action
2024-01-25	House	recommitted to Appropriations & Revenue (H)
2024-01-25	House	2nd reading, to Rules
2024-01-24	House	reported favorably, 1st reading, to Calendar with Committee Substitute (1) and Committee Amendment (1-title)
2024-01-23	House	to Judiciary (H)
2024-01-02	House	to Committee on Committees (H)
2024-01-02	House	introduced in House

Type	Source
Summary	https://apps.legislature.ky.gov/record/24RS/hb50.html
Text	https://apps.legislature.ky.gov/recorddocuments/bill/24RS/hb50/orig_bill.pdf
Amendment	https://apps.legislature.ky.gov/recorddocuments/bill/24RS/HB50/HCS1.pdf
Amendment	https://apps.legislature.ky.gov/recorddocuments/bill/24RS/HB50/HCA1.pdf
Supplement	https://apps.legislature.ky.gov/recorddocuments/note/24RS/hb50/HCS1LM.pdf
Supplement	https://apps.legislature.ky.gov/recorddocuments/note/24RS/hb50/LM.pdf
Supplement	https://apps.legislature.ky.gov/recorddocuments/note/24RS/hb50/FN.pdf