SB675 SFAT Tucker 3-1

Baker x7816


    Senator Tucker moved to amend the bill by striking out the title and substituting therefor a new title, to read as follows:

    Eng. Senate Bill No. 675--A Bill to amend the Code of West Virginia, 1931, as amended, by adding thereto a new article, designated §37-16-1, §37-16-2, §37-16-3, §37-16-4, §37-16-5, §37-16-6, §37-16-7, §37-16-8, §37-16-9 and §37-16-10, all relating to the creation of a transfer on death deed; defining terms; setting requirements for an affidavit of transfer on death deed; detailing transfer on death; requiring verification of the affidavit; requiring that the affidavit be recorded; proclaiming that no consideration is necessary for a transfer on death; permitting revocation; providing that transfer only occurs to the named beneficiaries or contingent beneficiaries; creating provisions for trustees of trusts in transfers on death; stating certain requirements for finalizing the transfer on death and a process for transfers that are not timely finalized; setting certain standards, characteristics and ramifications for transfer on death designation affidavits; and creating a misdemeanor offense for knowingly and intentionally making a false statement in an affidavit required by this article.