(1) In addition to any method allowed by law to effect a transfer at death, title to an interest in real property may be transferred on the death of the owner by recording, prior to the owner's death, a beneficiary deed signed by the owner of such interest, as grantor, designating a grantee-beneficiary of the interest. The transfer by a beneficiary deed shall be effective only upon the death of the owner. A beneficiary deed need not be supported by consideration.
The joinder, signature, consent, or agreement of, or notice to, a grantee-beneficiary of abeneficiary deed prior to the death of the grantor shall not be required. Subject to the right of the grantee-beneficiary to disclaim or refuse to accept the property, the conveyance shall be effective upon the death of the owner.
During the lifetime of the owner, the grantee-beneficiary shall have no right, title, or interestin or to the property, and the owner shall retain the full power and authority with respect to the property without the joinder, signature, consent, or agreement of, or notice to, the granteebeneficiary for any purpose.
Source: L. 2004: Entire part added, p. 728, § 1, effective August 4.