Bill Text: HI SB2799 | 2010 | Regular Session | Amended

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Bill Title: Real Property; Probate

Spectrum: Moderate Partisan Bill (Democrat 4-1)

Status: (Engrossed - Dead) 2010-03-16 - (H) The committee(s) recommends that the measure be deferred. [SB2799 Detail]

Download: Hawaii-2010-SB2799-Amended.html

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STAND. COM. REP. NO. 2537

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 2799

       S.D. 2

 

 

 

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fifth State Legislature

Regular Session of 2010

State of Hawaii

 

Madam:

 

     Your Committee on Judiciary and Government Operations, to which was referred S.B. No. 2799, S.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO UNIFORM REAL PROPERTY TRANSFER ON DEATH,"

 

begs leave to report as follows:

 

     The purpose of this measure is to allow title to real property to, upon the owner's death, pass directly to a beneficiary by means of a transfer on death deed.

 

     Written comments presented to your Committee may be reviewed on the Legislature's website.

 

     Your Committee finds that the availability of the transfer on death deed may greatly assist in estate planning and avoid costly mistakes that can be made by a property owner when attempting to transfer property without fully understanding creditor and revocability issues.  Your Committee notes, however, that the measure as received does not adequately address the transfer process for property registered in the Land Court.

 

     Your Committee has amended this measure by:

 

     (1)  Clarifying when the transfer of the property will occur for property of which any portion is registered in the Land Court pursuant to chapter 501, Hawaii Revised Statutes;

 

     (2)  Inserting an effective date of July 1, 2050, to encourage further discussion; and

 

     (3)  Making technical, nonsubstantive changes for purposes of consistency, style, and clarity.

 

     As affirmed by the record of votes of the members of your Committee on Judiciary and Government Operations that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2799, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2799, S.D. 2.

 

Respectfully submitted on behalf of the members of the Committee on Judiciary and Government Operations,

 

		____________________________ BRIAN T. TANIGUCHI, Chair