S.F. 226 Section 1. NEW SECTION . 633F.1 Short title. 1 This chapter may be cited as the “Uniform Real Property 2 Transfer on Death Act” . 3 Sec. 2. NEW SECTION . 633F.2 Definitions. 4 As used in this chapter, unless the context otherwise 5 requires: 6 1. “Beneficiary” means a person that receives property under 7 a transfer on death deed. 8 2. “Designated beneficiary” means a person designated to 9 receive property in a transfer on death deed. 10 3. “Joint owner” means an individual who owns property 11 concurrently with one or more other individuals with a right of 12 survivorship. “Joint owner” includes a joint tenant and tenant 13 by the entirety. “Joint owner” does not include a tenant in 14 common. 15 4. “Person” means an individual, corporation, business 16 trust, estate, trust, partnership, limited liability company, 17 association, joint venture, public corporation, government or 18 governmental subdivision, agency, or instrumentality, or any 19 other legal or commercial entity. 20 5. “Property” means an interest in real property located in 21 this state which is transferable on the death of the owner. 22 6. “Transfer on death deed” means a deed authorized under 23 this chapter. 24 7. “Transferor” means an individual who makes a transfer on 25 death deed. 26 Sec. 3. NEW SECTION . 633F.3 Applicability. 27 This chapter applies to a transfer on death deed made before, 28 on, or after the effective date of this Act by a transferor 29 dying on or after the effective date of this Act. 30 Sec. 4. NEW SECTION . 633F.4 Nonexclusivity. 31 This chapter does not affect any method of transferring 32 property otherwise permitted under the law of this state. 33 Sec. 5. NEW SECTION . 633F.5 Transfer on death deed 34 authorized. 35 -1- LSB 2171XS (4) 87 jh/rj 1/ 13

S.F. 226 An individual may transfer property to one or more 1 beneficiaries effective at the transferor’s death by a transfer 2 on death deed. 3 Sec. 6. NEW SECTION . 633F.6 Transfer on death deed 4 revocable. 5 A transfer on death deed is revocable even if the deed or 6 another instrument contains a contrary provision. 7 Sec. 7. NEW SECTION . 633F.7 Transfer on death deed 8 nontestamentary. 9 A transfer on death deed is nontestamentary. 10 Sec. 8. NEW SECTION . 633F.8 Capacity of transferor. 11 The capacity required to make or revoke a transfer on death 12 deed is the same as the capacity required to make a will. 13 Sec. 9. NEW SECTION . 633F.9 Requirements. 14 A transfer on death deed: 15 1. Except as otherwise provided in subsection 2, must 16 contain the essential elements and formalities of a properly 17 recordable inter vivos deed. 18 2. Must state that the transfer to the designated 19 beneficiary is to occur at the transferor’s death. 20 3. Must be recorded before the transferor’s death in the 21 public records in the office of the county recorder in the 22 county where the property is located. 23 Sec. 10. NEW SECTION . 633F.10 Notice, delivery, acceptance, 24 consideration not required. 25 A transfer on death deed is effective without any of the 26 following: 27 1. Notice or delivery to or acceptance by the designated 28 beneficiary during the transferor’s life. 29 2. Consideration. 30 Sec. 11. NEW SECTION . 633F.11 Revocation by instrument 31 authorized —— revocation by act not permitted. 32 1. Subject to subsection 2, an instrument is effective to 33 revoke a recorded transfer on death deed, or any part of the 34 deed, only if all of the following apply: 35 -2- LSB 2171XS (4) 87 jh/rj 2/ 13

S.F. 226 a. The instrument is any of the following: 1 (1) A transfer on death deed that revokes the deed or part 2 of the deed expressly or by inconsistency. 3 (2) An instrument of revocation that expressly revokes the 4 deed or part of the deed. 5 (3) An inter vivos deed that expressly revokes the transfer 6 on death deed or part of the deed. 7 b. The instrument is acknowledged by the transferor after 8 the acknowledgment of the deed being revoked and is recorded 9 before the transferor’s death in the public records in the 10 office of the county recorder of the county where the deed is 11 recorded. 12 2. If a transfer on death deed is made by more than one 13 transferor, all of the following apply: 14 a. Revocation by a transferor does not affect the deed as to 15 the interest of another transferor. 16 b. A deed of joint owners is revoked only if the deed is 17 revoked by all of the living joint owners. 18 3. After a transfer on death deed is recorded, the deed 19 cannot be revoked by a revocatory act on the deed. 20 4. This section does not limit the effect of an inter vivos 21 transfer of the property. 22 Sec. 12. NEW SECTION . 633F.12 Effect of transfer on death 23 deed during transferor’s life. 24 During a transferor’s life, a transfer on death deed does not 25 do any of the following: 26 1. Affect an interest or right of the transferor or any 27 other owner, including the right to transfer or encumber the 28 property. 29 2. Affect an interest or right of a transferee, even if the 30 transferee has actual or constructive notice of the deed. 31 3. Affect an interest or right of a secured or unsecured 32 creditor or future creditor of the transferor, even if the 33 creditor has actual or constructive notice of the deed. 34 4. Affect the transferor’s or designated beneficiary’s 35 -3- LSB 2171XS (4) 87 jh/rj 3/ 13

S.F. 226 eligibility for any form of public assistance. 1 5. Create a legal or equitable interest in favor of the 2 designated beneficiary. 3 6. Subject the property to claims or process of a creditor 4 of the designated beneficiary. 5 Sec. 13. NEW SECTION . 633F.13 Effect of transfer on death 6 deed at transferor’s death. 7 1. Except as otherwise provided in the transfer on death 8 deed, in this section, or in section 633.238, 633.523, or 9 633.535, upon the death of the transferor, the following rules 10 apply to property that is the subject of a transfer on death 11 deed and owned by the transferor at death: 12 a. Subject to paragraph “b” , the interest in the property is 13 transferred to the designated beneficiary in accordance with 14 the deed. 15 b. The interest of a designated beneficiary is contingent 16 on the designated beneficiary surviving the transferor. The 17 interest of a designated beneficiary that fails to survive the 18 transferor lapses. 19 c. Subject to paragraph “d” , concurrent interests are 20 transferred to the beneficiaries in equal and undivided shares 21 with no right of survivorship. 22 d. If the transferor has identified two or more designated 23 beneficiaries to receive concurrent interests in the property, 24 the share of one which lapses or fails for any reason is 25 transferred to the other, or to the others in proportion to the 26 interest of each in the remaining part of the property held 27 concurrently. 28 2. Subject to section 558.41, a beneficiary takes the 29 property subject to all conveyances, encumbrances, assignments, 30 contracts, mortgages, liens, and other interests to which the 31 property is subject at the transferor’s death. For purposes 32 of this subsection and section 558.41, the recording of the 33 transfer on death deed is deemed to have occurred at the 34 transferor’s death. 35 -4- LSB 2171XS (4) 87 jh/rj 4/ 13

S.F. 226 3. a. If a transferor is a joint owner and is survived 1 by one or more other joint owners, the property that is the 2 subject of a transfer on death deed belongs to the surviving 3 joint owner or owners with right of survivorship. 4 b. If a transferor is the last surviving joint owner, the 5 transfer on death deed is effective. 6 4. A transfer on death deed transfers property without 7 covenant or warranty of title even if the deed contains a 8 contrary provision. 9 Sec. 14. NEW SECTION . 633F.14 Disclaimer. 10 A beneficiary may disclaim all or part of the beneficiary’s 11 interest as provided by chapter 633E. 12 Sec. 15. NEW SECTION . 633F.15 Liability for creditor claims 13 and statutory allowances. 14 1. To the extent the transferor’s probate estate is 15 insufficient to satisfy an allowed claim against the estate 16 or a statutory allowance to a surviving spouse or child, the 17 estate may enforce the liability against property transferred 18 at the transferor’s death by a transfer on death deed. 19 2. If more than one property is transferred by one or more 20 transfer on death deeds, the liability under subsection 1 is 21 apportioned among the properties in proportion to the net 22 values of the properties at the transferor’s death. 23 3. A proceeding to enforce the liability under this section 24 must be commenced not later than eighteen months after the 25 transferor’s death. 26 Sec. 16. NEW SECTION . 633F.16 Optional form of transfer 27 on death deed. 28 The following form may be used to create a transfer on death 29 deed. The other sections of this chapter govern the effect of 30 this or any other instrument used to create a transfer on death 31 deed: 32 (front of form) 33 REVOCABLE TRANSFER ON DEATH DEED 34 NOTICE TO OWNER 35 -5- LSB 2171XS (4) 87 jh/rj 5/ 13

S.F. 226 You should carefully read all information on the other side 1 of this form. You may want to consult a lawyer before using 2 this form. 3 This form must be recorded before your death, or it will not 4 be effective. 5 IDENTIFYING INFORMATION 6 Owner or owners making this deed 7 _____________________________ _________________________ 8 Printed name Mailing address 9 _____________________________ _________________________ 10 Printed name Mailing address 11 Legal description of the property 12 __________________________________________________________ 13 PRIMARY BENEFICIARY 14 I designate the following beneficiary if the beneficiary 15 survives me. 16 _____________________________ _________________________ 17 Printed name Mailing address, if available 18 ALTERNATE BENEFICIARY – Optional 19 If my primary beneficiary does not survive me, I designate 20 the following alternate beneficiary if that beneficiary 21 survives me. 22 _____________________________ _________________________ 23 Printed name Mailing address, if available 24 TRANSFER ON DEATH 25 At my death, I transfer my interest in the described property 26 to the beneficiaries as designated above. 27 Before my death, I have the right to revoke this deed. 28 SIGNATURE OF OWNER OR OWNERS MAKING THIS DEED 29 Seal, if any 30 Signature Date 31 _____________________________ _________________________ 32 Seal, if any 33 Signature Date 34 _____________________________ _________________________ 35 -6- LSB 2171XS (4) 87 jh/rj 6/ 13

S.F. 226 ACKNOWLEDGMENT 1 (insert acknowledgment for deed here) 2 (back of form) 3 COMMON QUESTIONS ABOUT THE USE OF THIS FORM 4 What does the Transfer on Death (TOD) deed do? 5 When you die, this deed transfers the described property, 6 subject to any liens or mortgages (or other encumbrances) on 7 the property at your death. Probate is not required. The TOD 8 deed has no effect until you die. You can revoke it at any 9 time. You are also free to transfer the property to someone 10 else during your lifetime. If you do not own any interest in 11 the property when you die, this deed will have no effect. 12 How do I make a TOD deed? 13 Complete this form. Have it acknowledged before a 14 notary public or other individual authorized by law to take 15 acknowledgments. Record the form in each county where any part 16 of the property is located. The form has no effect unless it is 17 acknowledged and recorded before your death. 18 Is the legal description of the property necessary? 19 Yes. 20 How do I find the legal description of the property? 21 This information may be on the deed you received when you 22 became an owner of the property. This information may also be 23 available in the office of the county recorder for the county 24 where the property is located. If you are not absolutely sure, 25 consult a lawyer. 26 Can I change my mind before I record the TOD deed? 27 Yes. If you have not yet recorded the deed and want to 28 change your mind, simply tear up or otherwise destroy the deed. 29 How do I record the TOD deed? 30 Take the completed and acknowledged form to the office 31 of the county recorder of the county where the property is 32 located. Follow the instructions given by the county recorder 33 to make the form part of the official property records. If the 34 property is in more than one county, you should record the deed 35 -7- LSB 2171XS (4) 87 jh/rj 7/ 13

S.F. 226 in each county. 1 Can I later revoke the TOD deed if I change my mind? 2 Yes. You can revoke the TOD deed. No one, including the 3 beneficiaries, can prevent you from revoking the deed. 4 How do I revoke the TOD deed after it is recorded? 5 There are three ways to revoke a recorded TOD deed: [1] 6 Complete and acknowledge a revocation form, and record it in 7 each county where the property is located. [2] Complete and 8 acknowledge a new TOD deed that disposes of the same property, 9 and record it in each county where the property is located. 10 [3] Transfer the property to someone else during your lifetime 11 by a recorded deed that expressly revokes the TOD deed. You 12 may not revoke the TOD deed by will. 13 I am being pressured to complete this form. What should I 14 do? 15 Do not complete this form under pressure. Seek help from a 16 trusted family member, friend, or lawyer. 17 Do I need to tell the beneficiaries about the TOD deed? 18 No, but it is recommended. Secrecy can cause later 19 complications and might make it easier for others to commit 20 fraud. 21 I have other questions about this form. What should I do? 22 This form is designed to fit some but not all situations. 23 If you have other questions, you are encouraged to consult a 24 lawyer. 25 Sec. 17. NEW SECTION . 633F.17 Optional form of revocation. 26 The following form may be used to create an instrument of 27 revocation under this chapter. The other sections of this 28 chapter govern the effect of this or any other instrument used 29 to revoke a transfer on death deed. 30 (front of form) 31 REVOCATION OF TRANSFER ON DEATH DEED 32 NOTICE TO OWNER 33 This revocation must be recorded before you die or it will 34 not be effective. This revocation is effective only as to the 35 -8- LSB 2171XS (4) 87 jh/rj 8/ 13

S.F. 226 interests in the property of owners who sign this revocation. 1 IDENTIFYING INFORMATION 2 Owner or owners of property making this revocation 3 _____________________________ _________________________ 4 Printed name Mailing address 5 _____________________________ _________________________ 6 Printed name Mailing address 7 Legal description of the property 8 __________________________________________________________ 9 REVOCATION 10 I revoke all my previous transfers of this property by 11 transfer on death deed. 12 SIGNATURE OF OWNER OR OWNERS MAKING THIS REVOCATION 13 Seal, if any 14 Signature Date 15 _____________________________ _________________________ 16 Seal, if any 17 Signature Date 18 _____________________________ _________________________ 19 ACKNOWLEDGMENT 20 (insert acknowledgment here) 21 (back of form) 22 COMMON QUESTIONS ABOUT THE USE OF THIS FORM 23 How do I use this form to revoke a Transfer on Death (TOD) 24 deed? 25 Complete this form. Have it acknowledged before a notary 26 public or other individual authorized to take acknowledgments. 27 Record the form in the public records in the office of the 28 county recorder of each county where the property is located. 29 The form must be acknowledged and recorded before your death or 30 it has no effect. 31 How do I find the legal description of the property? 32 This information may be on the TOD deed. It may also be 33 available in the office of the county recorder for the county 34 where the property is located. If you are not absolutely sure, 35 -9- LSB 2171XS (4) 87 jh/rj 9/ 13

S.F. 226 consult a lawyer. 1 How do I record the form? 2 Take the completed and acknowledged form to the office 3 of the county recorder of the county where the property is 4 located. Follow the instructions given by the county recorder 5 to make the form part of the official property records. If the 6 property is located in more than one county, you should record 7 the form in each county. 8 I am being pressured to complete this form. What should I 9 do? 10 Do not complete this form under pressure. Seek help from a 11 trusted family member, friend, or lawyer. 12 I have other questions about this form. What should I do? 13 This form is designed to fit some but not all situations. 14 If you have other questions, you are encouraged to consult a 15 lawyer. 16 Sec. 18. NEW SECTION . 633F.18 Uniformity of application 17 and construction. 18 In applying and construing this uniform Act, consideration 19 shall be given to the need to promote uniformity of the law 20 with respect to the subject matter of this chapter among the 21 states that enact it. 22 Sec. 19. NEW SECTION . 633F.19 Relation to Electronic 23 Signatures in Global and National Commerce Act. 24 This chapter modifies, limits, and supersedes the federal 25 Electronic Signatures in Global and National Commerce Act, 15 26 U.S.C. §7001, et seq., but does not modify, limit, or supersede 27 section 101(c) of that Act, 15 U.S.C. §7001(c), or authorize 28 electronic delivery of any of the notices described in section 29 103(b) of that Act, 15 U.S.C. §7003(b). 30 Sec. 20. Section 331.602, Code 2017, is amended by adding 31 the following new subsection: 32 NEW SUBSECTION . 33. Record a transfer on death deed created 33 pursuant to section 633F.5 or an instrument of revocation 34 authorized by section 633F.11 and presented to the recorder’s 35 -10- LSB 2171XS (4) 87 jh/rj 10/ 13

S.F. 226 office for recording in the same manner as other deeds are 1 recorded. The recorder shall collect a fee under section 2 331.604 for the recording of the transfer on death deed or 3 instrument of revocation and shall index the transfer on death 4 deed or instrument of revocation in the name of the owner of 5 record of the real property or interest in the real property 6 who executed the transfer on death deed. 7 Sec. 21. Section 633E.12, subsections 6 and 7, Code 2017, 8 are amended to read as follows: 9 6. In the case of a disclaimer of an interest created by 10 a beneficiary designation made which is disclaimed before the 11 time the designation becomes irrevocable, the disclaimer must 12 be delivered to the person making the beneficiary designation. 13 7. In the case of a disclaimer of an interest created by 14 a beneficiary designation made which is disclaimed after the 15 time the designation becomes irrevocable, the disclaimer of an 16 interest in personal property must be delivered to the person 17 obligated to distribute the interest and the disclaimer of an 18 interest in real property must be recorded in the office of the 19 county recorder of the county where the real property that is 20 the subject of the disclaimer is located . 21 EXPLANATION 22 The inclusion of this explanation does not constitute agreement with 23 the explanation’s substance by the members of the general assembly. 24 This bill provides that an individual may execute a transfer 25 on death deed which transfers real property outside of probate 26 to one or more beneficiaries effective at the transferor’s 27 death. 28 To be valid, a transfer on death deed must contain the 29 essential elements and formalities of a properly recordable 30 inter vivos deed, state that the transfer to the designated 31 beneficiary is to occur at the transferor’s death, and be 32 recorded before the transferor’s death in the office of the 33 county recorder. 34 A transfer on death deed is revocable, even if the deed 35 -11- LSB 2171XS (4) 87 jh/rj 11/ 13

S.F. 226 states that the deed is irrevocable. A transferor may revoke 1 a transfer on death deed by acknowledging and recording an 2 inconsistent transfer on death deed, or an instrument of 3 revocation or inter vivos deed that expressly revokes the deed. 4 A transfer on death dead is nontestamentary, and the 5 capacity required to make or revoke a transfer on death deed is 6 the same capacity required to make a will. 7 A transfer on death deed is effective even if the beneficiary 8 does not receive notice or delivery of the deed during the 9 transferor’s lifetime, and even if the transferor does not 10 receive consideration for the deed. 11 During the transferor’s lifetime, a transfer on death deed 12 does not affect the transferor’s interest in the property, 13 including the right to transfer or encumber the property, nor 14 does the transfer on death deed create a legal or equitable 15 interest in favor of the designated beneficiary or subject the 16 property to claims of a creditor of the designated beneficiary. 17 If the transferor transfers the property that is the subject 18 of a transfer of death deed before the transferor’s death, the 19 transfer on death deed is of no effect at the death of the 20 transferor. 21 At the death of the transferor, subject to Code sections 22 633.238 (elective share of surviving spouse), 633.523 through 23 633.538 (uniform simultaneous death act), and 633.535 through 24 633.537 (felonious death), the property is transferred to the 25 designated beneficiary if the designated beneficiary is alive. 26 If the designated beneficiary predeceases the transferor, the 27 interest of the designated beneficiary lapses. 28 Subject to Code section 558.41 (recording), a beneficiary 29 who takes property under a transfer on death deed takes the 30 property subject to all conveyances, encumbrances, assignments, 31 contracts, mortgages, liens, and other interests to which the 32 property is subject at the transferor’s death. 33 If the transferor owns the property as a joint tenant or as 34 a tenant by the entirety, the transfer on death deed is only 35 -12- LSB 2171XS (4) 87 jh/rj 12/ 13

S.F. 226 effective if the transferor is the last surviving joint tenant 1 or tenant by the entirety. 2 A beneficiary may disclaim all or part of the beneficiary’s 3 interest as provided by Code chapter 633E (uniform disclaimer 4 of property interest Act). 5 To the extent that the transferor’s probate estate is 6 insufficient to satisfy an allowed claim against the estate 7 or a statutory allowance to a surviving spouse or child, the 8 estate may enforce the liability against property transferred 9 at the transferor’s death by a transfer on death deed. 10 The bill provides an optional form of a transfer on death 11 deed and an optional form for the revocation of a transfer on 12 death deed. 13 The bill does not affect any deed executed and recorded prior 14 to the effective date of the bill and applies to a transfer on 15 death deed made before, on, or after the effective date of the 16 bill by a transferor dying on or after the effective date of 17 the bill. 18 The bill makes conforming changes. 19 -13- LSB 2171XS (4) 87 jh/rj 13/ 13