Bill Text: CT SB01162 | 2013 | General Assembly | Introduced
Bill Title: An Act Concerning The Adoption Of Uniform Acts Relating To The Disposition Of Property And The Effectiveness Of A Validly Executed Power Of Attorney.
Spectrum: Committee Bill
Status: (Introduced - Dead) 2013-04-11 - Public Hearing 04/15 [SB01162 Detail]
Download: Connecticut-2013-SB01162-Introduced.html
General Assembly |
Raised Bill No. 1162 | ||
January Session, 2013 |
LCO No. 5372 | ||
*05372_______JUD* | |||
Referred to Committee on JUDICIARY |
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Introduced by: |
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(JUD) |
AN ACT CONCERNING THE ADOPTION OF UNIFORM ACTS RELATING TO THE DISPOSITION OF PROPERTY AND THE EFFECTIVENESS OF A VALIDLY EXECUTED POWER OF ATTORNEY.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (NEW) (Effective October 1, 2013) Sections 1 to 13, inclusive, of this act may be cited as the Uniform Partition of Heirs Property Act.
Sec. 2. (NEW) (Effective October 1, 2013) As used in this section and sections 3 to 13, inclusive, of this act:
(1) "Ascendant" means an individual who precedes another individual in lineage, in the direct line of ascent from the other individual;
(2) "Collateral" means an individual who is related to another individual under the law of intestate succession of this state but who is not the other individual's ascendant or descendant;
(3) "Descendant" means an individual who follows another individual in lineage, in the direct line of descent from the other individual;
(4) "Determination of value" means a court order (A) determining the fair market value of heirs property under section 6 or 10 of this act, or (B) adopting the valuation of the property agreed to by all cotenants;
(5) "Heirs property" means real property held in tenancy in common which satisfies all of the following requirements as of the filing of a partition action:
(A) There is no agreement in a record binding all the cotenants which governs the partition of the property;
(B) One or more of the cotenants acquired title from a relative, whether living or deceased; and
(C) Any of the following applies:
(i) Twenty per cent or more of the interests are held by cotenants who are relatives;
(ii) Twenty per cent or more of the interests are held by an individual who acquired title from a relative, whether living or deceased; or
(iii) Twenty per cent or more of the cotenants are relatives;
(6) "Partition by sale" means a court-ordered sale of the entire heirs property, whether by auction, sealed bids, or open-market sale conducted under section 10 of this act;
(7) "Partition in kind" means the division of heirs property into physically distinct and separately titled parcels;
(8) "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form; and
(9) "Relative" means an ascendant, descendant or collateral or an individual otherwise related to another individual by blood, marriage, adoption or law of this state other than the provision of sections 1 to 13, inclusive, of this act.
Sec. 3. (NEW) (Effective October 1, 2013) (a) The provisions of sections 1 to 13, inclusive, of this act apply to partitions actions filed on or after October 1, 2013.
(b) In an action to partition real property under section 52-495 of the general statutes, the court shall determine whether the property is heirs property. If the court determines that the property is heirs property, the property must be partitioned under section 8 of this act unless all of the cotenants otherwise agree in a record.
(c) The provisions of sections 1 to 13, inclusive, of this act supplement chapter 919 of the general statutes, and, if an action is governed by sections 1 to 13, inclusive, of this act replace provisions of chapter 919 of the general statutes that are inconsistent with the provisions of sections 1 to 13, inclusive, of this act.
Sec. 4. (NEW) (Effective October 1, 2013) (a) The provisions of sections 1 to 13, inclusive, of this act do not limit or affect the method by which service of a complaint in a partition action may be made.
(b) If the plaintiff in a partition action seeks an order of notice by publication and the court determines that the property may be heirs property, the plaintiff, not later than ten days after the court's determination, shall post and maintain while the action is pending a conspicuous sign on the property that is the subject of the action. The sign shall state that the action has commenced and identify the name and address of the court and the common designation by which the property is known. The court may require the plaintiff to publish on the sign the name of the plaintiff and the known defendants.
Sec. 5. (NEW) (Effective October 1, 2013) If the court appoints a committee pursuant to section 52-495 of the general statutes, each committee member shall be disinterested and impartial and not a party to or a participant in the action.
Sec. 6. (NEW) (Effective October 1, 2013) (a) Except as provided in subsections (b) and (c) of this section, if the court determines that the property that is the subject of a partition action is heirs property, the court shall determine the fair market value of the property by ordering an appraisal pursuant to subsection (d) of this section.
(b) If all cotenants have agreed to the value of the property or to another method of valuation, the court shall adopt that value or the value produced by the agreed method of valuation.
(c) If the court determines that the evidentiary value of an appraisal is outweighed by the cost of the appraisal, the court, after an evidentiary hearing, shall determine the fair market value of the property and send notice to the parties of the value.
(d) If the court orders an appraisal, the court shall appoint a disinterested real estate appraiser licensed in this state to determine the fair market value of the property assuming sole ownership of the fee simple estate. On completion of the appraisal, the appraiser shall file a sworn or verified appraisal with the court.
(e) If an appraisal is conducted pursuant to subsection (d) of this section, not later than ten days after the appraisal is filed with the court, the court shall send notice to each party with a known address, stating:
(1) The appraised fair market value of the property;
(2) That the appraisal is available at the clerk's office; and
(3) That a party may file with the court an objection to the appraisal not later than thirty days after the date on which the notice is sent, stating the grounds for the objection.
(f) If an appraisal is filed with the court pursuant to subsection (d) of this section, the court shall conduct a hearing to determine the fair market value of the property not earlier than thirty days after the date on which a copy of the notice of the appraisal is sent to each party under subsection (e) of this section, whether or not an objection to the appraisal is filed under subdivision (3) of subsection (e) of this section. In addition to the court-ordered appraisal, the court may consider any other evidence of value offered by a party.
(g) After a hearing under subsection (f) of this section, but before considering the merits of the partition action, the court shall determine the fair market value of the property and send notice to the parties of the value.
Sec. 7. (NEW) (Effective October 1, 2013) (a) If any cotenant requested partition by sale, after the determination of value under section 6 of this act, the court shall send notice to the parties that any cotenant except a cotenant that requested partition by sale may buy all the interests of the cotenants that requested partition by sale.
(b) Not later than forty-five days after the date on which the notice is sent under subsection (a) of this section, any cotenant except a cotenant that requested partition by sale may give notice to the court that it elects to buy all the interests of the cotenants that requested partition by sale.
(c) The purchase price for each of the interests of a cotenant that requested partition by sale is the value of the entire parcel determined under section 6 of this act, multiplied by the cotenant's fractional ownership of the entire parcel.
(d) After expiration of the period in subsection (b) of this section, the following rules apply:
(1) If only one cotenant elects to buy all the interests of the cotenants that requested partition by sale, the court shall notify all the parties of that fact.
(2) If more than one cotenant elects to buy all the interests of the cotenants that requested partition by sale, the court shall allocate the right to buy those interests among the electing cotenants based on each electing cotenant's existing fractional ownership of the entire parcel divided by the total existing fractional ownership of all cotenants electing to buy and send notice to all the parties of that fact and of the price to be paid by each electing cotenant.
(3) If no cotenant elects to buy all the interests of the cotenants that requested partition by sale, the court shall send notice to all the parties of that fact and resolve the partition action under subsections (a) and (b) of section 8 of this act.
(e) If the court sends notice to the parties under subdivisions (1) or (2) of subsection (d) of this section, the court shall set a date, not earlier than sixty days after the date on which the notice was sent, by which electing cotenants must pay their apportioned price into the court. After this date, the following rules apply:
(1) If all electing cotenants timely pay their apportioned price into court, the court shall issue an order reallocating all the interests of the cotenants and disburse the amounts held by the court to the persons entitled to them.
(2) If no electing cotenant timely pays its apportioned price, the court shall resolve the partition action under subsections (a) and (b) of section 8 of this act, as if the interests of the cotenants that requested partition by sale were not purchased.
(3) If one or more but not all of the electing cotenants fail to pay their apportioned price on time, the court, on motion, shall give notice to the electing cotenants that paid their apportioned price of the interest remaining and the price for all that interest.
(f) Not later than twenty days after the date on which the court gives notice pursuant to subdivision (3) of subsection (e) of this section, any cotenant that paid may elect to purchase all of the remaining interest by paying the entire price into the court. After the twenty-day period, the following rules apply:
(1) If only one cotenant pays the entire price for the remaining interest, the court shall issue an order reallocating the remaining interest to that cotenant. The court shall issue promptly an order reallocating the interests of all of the cotenants and disburse the amounts held by it to the persons entitled to them.
(2) If no cotenant pays the entire price for the remaining interest, the court shall resolve the partition action under subsections (a) and (b) of section 8 of this act, as if the interests of the cotenants that requested partition by sale were not purchased.
(3) If more than one cotenant pays the entire price for the remaining interest, the court shall reapportion the remaining interest among those paying cotenants, based on each paying cotenant's original fractional ownership of the entire parcel divided by the total original fractional ownership of all cotenants that paid the entire price for the remaining interest. The court shall issue promptly an order reallocating all of the cotenants' interests, disburse the amounts held by it to the persons entitled to them, and promptly refund any excess payment held by the court.
(g) Not later than forty-five days after the date on which the court sends notice to the parties pursuant to subsection (a) of this section, any cotenant entitled to buy an interest under this section may request the court to authorize the sale as part of the pending action of the interests of cotenants named as defendants and served with the complaint but that did not appear in the action.
(h) If the court receives a timely request under subsection (g) of this section, the court, after hearing, may deny the request or authorize the requested additional sale on such terms as the court determines are fair and reasonable, subject to the following limitations:
(1) A sale authorized under this subsection may occur only after the purchase prices for all interests subject to sale under subsections (a) to (f), inclusive, of this section, have been paid into court and those interests have been reallocated among the cotenants as provided in subsections (a) to (f), inclusive, of this section; and
(2) The purchase price for the interest of a nonappearing cotenant is based on the court's determination of value under section 6 of this act.
Sec. 8. (NEW) (Effective October 1, 2013) (a) If all the interests of all cotenants that requested partition by sale are not purchased by other cotenants pursuant to section 7 of this act, or if after conclusion of the buyout under section 7 of this act, a cotenant remains that has requested partition in kind, the court shall order partition in kind unless the court, after consideration of the factors listed in section 9 of this act, finds that partition in kind will result in manifest prejudice to the cotenants as a group. In considering whether to order partition in kind, the court shall approve a request by two or more parties to have their individual interests aggregated.
(b) If the court does not order partition in kind under subsection (a) of this section, the court shall order partition by sale pursuant to section 10 of this act or, if no cotenant requested partition by sale, the court shall dismiss the action.
(c) If the court orders partition in kind pursuant to subsection (a) of this section, the court may require that one or more cotenants pay one or more other cotenants amounts so that the payments, taken together with the value of the in-kind distributions to the cotenants, will make the partition in kind just and proportionate in value to the fractional interests held.
(d) If the court orders partition in kind, the court shall allocate to the cotenants who are unknown, cannot be located, or the subject of a default judgment, if their interests were not bought out pursuant to section 7 of this act, a part of the property representing the combined interests of these cotenants as determined by the court and this part of the property shall remain undivided.
Sec. 9. (NEW) (Effective October 1, 2013) (a) In determining under subsection (a) of section 8 of this act, whether partition in kind would result in manifest prejudice to the cotenants as a group, the court shall consider the following:
(1) Whether the heirs property practicably can be divided among the cotenants;
(2) Whether partition in kind would apportion the property in such a way that the aggregate fair market value of the parcels resulting from the division would be materially less than the value of the property if it were sold as a whole, taking into account the condition under which a court-ordered sale likely would occur;
(3) Evidence of the collective duration of ownership or possession of the property by a cotenant and one or more predecessors in title or predecessors in possession to the cotenant who are or were relatives of the cotenant or each other;
(4) A cotenant's sentimental attachment to the property, including any attachment arising because the property has ancestral or other unique or special value to the cotenant;
(5) The lawful use being made of the property by a cotenant and the degree to which the cotenant would be harmed if the cotenant could not continue the same use of the property;
(6) The degree to which the cotenants have contributed their pro rata share of the property taxes, insurance, and other expenses associated with maintaining ownership of the property or have contributed to the physical improvement, maintenance, or upkeep of the property; and
(7) Any other relevant factor.
(b) The court may not consider any one factor in subsection (a) of this section to be dispositive without weighing the totality of all relevant factors and circumstances.
Sec. 10. (NEW) (Effective October 1, 2013) (a) If the court orders a sale of heirs property, the sale must be an open-market sale unless the court finds that a sale by sealed bids or an auction would be more economically advantageous and in the best interest of the cotenants as a group.
(b) If the court orders an open-market sale and the parties, not later than ten days after the date of entry of the order, agree on a real estate broker licensed in this state to offer the property for sale, the court shall appoint the broker and establish a reasonable commission. If the parties do not agree on a broker, the court shall appoint a disinterested real estate broker licensed in this state to offer the property for sale and shall establish a reasonable commission. The broker shall offer the property for sale in a commercially reasonable manner at a price no lower than the determination of value and on the terms and conditions established by the court.
(c) If the broker appointed under subsection (b) of this section obtains, within a reasonable time, an offer to purchase the property for at least the determination of value: (1) The broker shall comply with the reporting requirements in section 11 of this act; and (2) the sale may be completed in accordance with requirement of state law other than the requirements prescribed in sections 1 to 13, inclusive, of this act.
(d) If the broker appointed under subsection (b) of this section does not obtain, within a reasonable time, an offer to purchase the property for at least the determination of value, the court, after hearing, may:
(1) Approve the highest outstanding offer, if any;
(2) Redetermine the value of the property and order that the property continue to be offered for an additional time; or
(3) Order that the property be sold by sealed bids or at an auction.
(e) If the court orders a sale by sealed bids or an auction, the court shall set terms and conditions of the sale. If the court orders an auction, the auction must be conducted under section 52-495 of the general statutes.
(f) If a purchaser is entitled to a share of the proceeds of the sale, the purchaser is entitled to a credit against the price in an amount equal to the purchaser's share of the proceeds.
Sec. 11. (NEW) (Effective October 1, 2013) (a) A broker appointed under subsection (b) of section 10 of this act, to offer heirs property for open-market sale shall file a report with the court not later than seven days after receiving an offer to purchase the property for at least the value determined under section 6 or 10 of this act.
(b) The report required by subsection (a) of this section shall contain the following information:
(1) A description of the property to be sold to each buyer;
(2) The name of each buyer;
(3) The proposed purchase price;
(4) The terms and conditions of the proposed sale, including the terms of any owner financing;
(5) The amounts to be paid to lienholders;
(6) A statement of contractual or other arrangements or conditions of the broker's commission; and
(7) Other material facts relevant to the sale.
Sec. 12. (NEW) (Effective October 1, 2013) In applying and construing the provisions of the Uniform Partition of Heirs Property Act, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact said act.
Sec. 13. (NEW) (Effective October 1, 2013) The provisions of sections 1 to 12, inclusive, of this act, modify, limit and supersede the Electronic Signatures in Global and National Commerce Act, 15 USC Section 7001 et seq., but do not modify, limit or supersede Section 101(c) of said act, 15 USC Section 7001(c), or authorize electronic delivery of any of the notices described in Section 103(b) of said act, 15 USC Section 7003(b).
Sec. 14. (NEW) (Effective October 1, 2013) The provisions of sections 14 to 32, inclusive, of this act may be cited as the Uniform Real Property Transfer on Death Act.
Sec. 15. (NEW) (Effective October 1, 2013) As used in sections 14 to 32, inclusive, of this act:
(1) "Beneficiary" means a person that receives property under a transfer on death deed;
(2) "Designated beneficiary" means a person designated to receive property in a transfer on death deed;
(3) "Joint owner" means an individual who owns property concurrently with one or more other individuals with a right of survivorship. The term includes a joint tenant and tenant by the entirety. The term does not include a tenant in common;
(4) "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality or any other legal or commercial entity;
(5) "Property" means an interest in real property located in this state which is transferable on the death of the owner;
(6) "Transfer on death deed" means a deed authorized under sections 14 to 32, inclusive, of this act; and
(7) "Transferor" means an individual who makes a transfer on death deed.
Sec. 16. (NEW) (Effective October 1, 2013) The provisions of sections 14 to 32, inclusive, of this act apply to a transfer on death deed made before, on, or after October 1, 2013, by a transferor dying on or after October 1, 2013.
Sec. 17. (NEW) (Effective October 1, 2013) The provisions of sections 14 to 32, inclusive, of this act do not affect any method of transferring property otherwise permitted under the law of this state.
Sec. 18. (NEW) (Effective October 1, 2013) An individual may transfer property to one or more beneficiaries effective at the transferor's death by a transfer on death deed.
Sec. 19. (NEW) (Effective October 1, 2013) A transfer on death deed is revocable even if the deed or another instrument contains a contrary provision.
Sec. 20. (NEW) (Effective October 1, 2013) A transfer on death deed is nontestamentary.
Sec. 21. (NEW) (Effective October 1, 2013) The capacity required to make or revoke a transfer on death deed is the same as the capacity required to make a will.
Sec. 22. (NEW) (Effective October 1, 2013) A transfer on death deed shall: (1) Contain the essential elements and formalities of a properly recordable inter vivos deed, except that the transfer on death deed shall state that the transfer to the designated beneficiary is to occur at the transferor's death; and (2) be recorded before the transferor's death in the public records in the office of the town clerk of the town where the property is located.
Sec. 23. (NEW) (Effective October 1, 2013) A transfer on death deed shall be effective without: (1) Notice or delivery to or acceptance by the designated beneficiary during the transferor's life; or (2) consideration.
Sec. 24. (NEW) (Effective October 1, 2013) (a) Subject to the provisions of subsection (b) of this section, an instrument is effective to revoke a recorded transfer on death deed, or any part of it, only if the instrument is:
(1) One of the following: (A) A transfer on death deed that revokes the deed or part of the deed expressly or by inconsistency; (B) an instrument of revocation that expressly revokes the deed or part of the deed; or (C) an inter vivos deed that expressly revokes the transfer on death deed or part of the deed; and
(2) Acknowledged by the transferor after the acknowledgment of the deed being revoked and recorded before the transferor's death in the public records in the office of the town clerk of the town where the deed is recorded.
(b) If a transfer on death deed is made by more than one transferor: (1) Revocation by a transferor does not affect the deed as to the interest of another transferor; and (2) a deed of joint owners is revoked only if it is revoked by all of the living joint owners.
(c) After a transfer on death deed is recorded, it may not be revoked by a revocatory act on the deed.
(d) The provisions of this section do not limit the effect of an inter vivos transfer of the property.
Sec. 25. (NEW) (Effective October 1, 2013) During a transferor's life, a transfer on death deed does not:
(1) Affect an interest or right of the transferor or any other owner, including the right to transfer or encumber the property;
(2) Affect an interest or right of a transferee, even if the transferee has actual or constructive notice of the deed;
(3) Affect an interest or right of a secured or unsecured creditor or future creditor of the transferor, even if the creditor has actual or constructive notice of the deed;
(4) Affect the transferor's or designated beneficiary's eligibility for any form of public assistance;
(5) Create a legal or equitable interest in favor of the designated beneficiary; or
(6) Subject the property to claims or process of a creditor of the designated beneficiary.
Sec. 26. (NEW) (Effective October 1, 2013) (a) Except as provided in the transfer on death deed, this section, or in section 45a-257c, 45a-336, 45a-440, 45a-441 or 45a-447 of the general statutes, on the death of the transferor, the following rules apply to property that is the subject of a transfer on death deed and owned by the transferor at death:
(1) Subject to the provisions of subdivision (2) of this subsection, the interest in the property is transferred to the designated beneficiary in accordance with the deed.
(2) The interest of a designated beneficiary is contingent on the designated beneficiary surviving the transferor. The interest of a designated beneficiary that fails to survive the transferor lapses.
(3) Subject to the provisions of subdivision (4) of this subsection, concurrent interests are transferred to the beneficiaries in equal and undivided shares with no right of survivorship.
(4) If the transferor has identified two or more designated beneficiaries to receive concurrent interests in the property, the share of one which lapses or fails for any reason is transferred to the other, or to the others in proportion to the interest of each in the remaining part of the property held concurrently.
(b) Subject to the provisions of section 47-10 of the general statutes, a beneficiary takes the property subject to all conveyances, encumbrances, assignments, contracts, mortgages, liens and other interests to which the property is subject at the transferor's death. For purposes of this subsection and section 47-10 of the general statutes, the recording of the transfer on death deed is deemed to have occurred at the transferor's death.
(c) If a transferor is a joint owner and is: (1) Survived by one or more other joint owners, the property that is the subject of a transfer on death deed belongs to the surviving joint owner or owners with right of survivorship; or (2) the last surviving joint owner, the transfer on death deed is effective.
(d) A transfer on death deed transfers property without covenant or warranty of title even if the deed contains a contrary provision.
Sec. 27. (NEW) (Effective October 1, 2013) A beneficiary may disclaim all or part of the beneficiary's interest as provided by sections 45a-578 to 45a-585, inclusive, of the general statutes.
Sec. 28. (NEW) (Effective October 1, 2013) (a) To the extent the transferor's probate estate is insufficient to satisfy an allowed claim against the estate or a statutory allowance to a surviving spouse or child, the estate may enforce the liability against property transferred at the transferor's death by a transfer on death deed.
(b) If more than one property is transferred by one or more transfer on death deeds, the liability under subsection (a) of this section is apportioned among the properties in proportion to their net values at the transferor's death.
(c) A proceeding to enforce the liability under this section shall be commenced not later than eighteen months after the date of the transferor's death.
Sec. 29. (NEW) (Effective October 1, 2013) The following form may be used to create a transfer on death deed. Sections 14 to 32, inclusive, of this act govern the effect of this or any other instrument used to create a transfer on death deed:
(front of form)
REVOCABLE TRANSFER ON DEATH DEED
NOTICE TO OWNER
You should carefully read all information on the other side of this form. You May Want to Consult a Lawyer Before Using This Form.
This form must be recorded before your death, or it will not be effective.
T1 |
IDENTIFYING INFORMATION | |
T2 |
Owner or Owners Making This Deed: | |
T3 |
…. Printed name |
…. Mailing address |
T4 |
…. Printed name |
…. Mailing address |
T5 |
Legal description of the property: …. | |
T6 |
PRIMARY BENEFICIARY | |
T7 |
I designate the following beneficiary if the beneficiary survives me. | |
T8 |
…. …. Printed name Mailing address, if available | |
T9 |
ALTERNATE BENEFICIARY – Optional | |
T10 |
If my primary beneficiary does not survive me, I designate the following alternate beneficiary if that beneficiary survives me. | |
T11 |
…. …. Printed name Mailing address, if available | |
T12 |
TRANSFER ON DEATH | |
T13 |
At my death, I transfer my interest in the described property to the beneficiaries as designated above. | |
T14 |
Before my death, I have the right to revoke this deed. | |
T15 |
SIGNATURE OF OWNER OR OWNERS MAKING THIS DEED | |
T16 |
…. Signature |
[(SEAL)]…. Date |
T17 |
…. Signature |
[(SEAL)]…. Date |
T18 |
ACKNOWLEDGMENT | |
T19 |
(insert acknowledgment for deed here) |
(back of form)
COMMON QUESTIONS ABOUT THE USE OF THIS FORM
What does the Transfer on Death (TOD) deed do? When you die, this deed transfers the described property, subject to any liens or mortgages (or other encumbrances) on the property at your death. Probate is not required. The TOD deed has no effect until you die. You can revoke it at any time. You are also free to transfer the property to someone else during your lifetime. If you do not own any interest in the property when you die, this deed will have no effect.
How do I make a TOD deed? Complete this form. Have it acknowledged before a notary public or other individual authorized by law to take acknowledgments. Record the form in each town where any part of the property is located. The form has no effect unless it is acknowledged and recorded before your death.
Is the "legal description" of the property necessary? Yes.
How do I find the "legal description" of the property? This information may be on the deed you received when you became an owner of the property. This information may also be available in the office of the town clerk for the town where the property is located. If you are not absolutely sure, consult a lawyer.
Can I change my mind before I record the TOD deed? Yes. If you have not yet recorded the deed and want to change your mind, simply tear up or otherwise destroy the deed.
How do I "record" the TOD deed? Take the completed and acknowledged form to the office of the town clerk of the town where the property is located. Follow the instructions given by the town clerk to make the form part of the official property records. If the property is in more than one town, you should record the deed in each town.
Can I later revoke the TOD deed if I change my mind? Yes. You can revoke the TOD deed. No one, including the beneficiaries, can prevent you from revoking the deed.
How do I revoke the TOD deed after it is recorded? There are three ways to revoke a recorded TOD deed: (1) Complete and acknowledge a revocation form, and record it in each town where the property is located. (2) Complete and acknowledge a new TOD deed that disposes of the same property, and record it in each town where the property is located. (3) Transfer the property to someone else during your lifetime by a recorded deed that expressly revokes the TOD deed. You may not revoke the TOD deed by will.
I am being pressured to complete this form. What should I do? Do not complete this form under pressure. Seek help from a trusted family member, friend, or lawyer.
Do I need to tell the beneficiaries about the TOD deed? No, but it is recommended. Secrecy can cause later complications and might make it easier for others to commit fraud.
I have other questions about this form. What should I do? This form is designed to fit some but not all situations. If you have other questions, you are encouraged to consult a lawyer.
Sec. 30. (NEW) (Effective October 1, 2013) The following form may be used to create an instrument of revocation under section 24 of this act. Sections 14 to 32, inclusive, of this act govern the effect of this or any other instrument used to revoke a transfer on death deed.
(front of form)
REVOCATION OF TRANSFER ON DEATH DEED
T20 |
NOTICE TO OWNER | ||
T21 |
This revocation must be recorded before you die or it will not be effective. This revocation is effective only as to the interests in the property of owners who sign this revocation. | ||
T22 |
IDENTIFYING INFORMATION | ||
T23 |
Owner or Owners of Property Making This Revocation: | ||
T24 |
…. Printed name |
…. Mailing address | |
T25 |
…. Printed name |
…. Mailing address | |
T26 |
Legal description of the property: …. | ||
T27 |
REVOCATION | ||
T28 |
I revoke all my previous transfers of this property by transfer on death deed. | ||
T29 |
SIGNATURE OF OWNER OR OWNERS MAKING THIS REVOCATION | ||
T30 |
…. Signature |
[(SEAL)]…. Date | |
T31 |
…. Signature |
[(SEAL)]…. Date | |
T32 |
ACKNOWLEDGMENT | ||
T33 |
(insert acknowledgment here) |
(back of form)
COMMON QUESTIONS ABOUT THE USE OF THIS FORM
How do I use this form to revoke a Transfer on Death (TOD) deed? Complete this form. Have it acknowledged before a notary public or other individual authorized to take acknowledgments. Record the form in the public records in the office of the town clerk of each town where the property is located. The form must be acknowledged and recorded before your death or it has no effect.
How do I find the "legal description" of the property? This information may be on the TOD deed. It may also be available in the office of the town clerk for the town where the property is located. If you are not absolutely sure, consult a lawyer.
How do I "record" the form? Take the completed and acknowledged form to the office of the town clerk of the town where the property is located. Follow the instructions given by the town clerk to make the form part of the official property records. If the property is located in more than one town, you should record the form in each of those towns.
I am being pressured to complete this form. What should I do? Do not complete this form under pressure. Seek help from a trusted family member, friend, or lawyer.
I have other questions about this form. What should I do? This form is designed to fit some but not all situations. If you have other questions, consult a lawyer.
Sec. 31. (NEW) (Effective October 1, 2013) In applying and construing the provisions of the Uniform Real Property Transfer on Death Act, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact said act.
Sec. 32. (NEW) (Effective October 1, 2013) The provisions of sections 14 to 31, inclusive, of this act modify, limit and supersede the Electronic Signatures in Global and National Commerce Act, 15 USC Section 7001 et seq., but do not modify, limit or supersede Section 101(c) of said act, 15 USC Section 7001(c), or authorize electronic delivery of any of the notices described in Section 103(b) of said act, 15 USC Section 7003(b).
Sec. 33. Subsection (d) of section 1-43 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2013):
(d) (1) The principal may indicate that a power of attorney duly acknowledged in accordance with this section shall take effect upon the occurrence of a specified contingency, including a date certain or the occurrence of an event, provided that an agent designated by the principal executes a written affidavit in accordance with section 1-56h that such contingency has occurred.
(2) The principal may indicate the circumstance, exclusive means of revocation or date certain upon which the power of attorney shall cease to be effective.
This act shall take effect as follows and shall amend the following sections: | ||
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1-43(d) |