On April 27 of 2011, North Dakota became the very first official state to adopt the Uniform Real Property Transfer on Death Act.
The act allows locals to transfer some of their properties to others without needing to go through formal probate. The North Dakota law permits owners of real estate to move their realty to their successors and recipients without needing them to pay much of the common probate expenditures.
Drafted by the Uniform Law Commission or the National Conference of Commissioners on Uniform State Laws, the commissioners finished the Uniform Real Property Transfer on Death Act in 2009. The National Conference of Commissioners on Uniform State Laws also drafted the Uniform Probate Code, which is widely embraced by many states, consisting of North Dakota. The commission’s notable accomplishments likewise consist of preparing the Model Marketable Title Act and the Model Guidelines of Bad Guy Treatment.
In 1989, the National Conference of Commissioners on Uniform State Laws completed its work in drafting the Non-probate Transfers on Death Act. Numerous states– consisting of North Dakota– enacted the Non-probate Transfers on Death Act. The act covers the transfer of individual and financial investment, service earnings property, marital property, retirement property and gifts. Acknowledging the need for people to transfer real estate without having to subject their real property to probate administration, the National Conference of Commissioners on Uniform State Laws started drafting the Uniform Real Property Transfer on Death Act to supplements its Uniform Non-probate Transfers on Death Act. Since 2011, 5 other states followed North Dakota’s lead and embraced the new act. These states consist of Hawaii, Oregon, Nevada, Nebraska and Illinois. Probate attorneys and lawmakers typically describe these acts, as “will substitutes.”
Unlike the Uniform Non-probate Transfers on Death Act, the Uniform Real Property Transfer on Death Act covers the transfer of a decedent’s real estate. North Dakota law enables you to prepare and tape a TOD or Transfer on Death Deed to pass your real property straight to your called recipients without having to probate the TOD deed. By preparing a TOD deed, you can pass specific types of real estate to your called beneficiaries, and your deed is not subject to the North Dakota Probate Code’s treatment of composed wills. Simply put, you might pass your property to named heirs without having your TOD deed ended up being subject to the statute of wills.
Because of the significance of drafting a TOD deed to comply with North Dakota law, you must arrange an appointment with our workplace so that we can describe the legal requirements of what language TOD deeds need to incorporate.