Bills › 88th General Assembly
Relating to the transfer of real estate as part of the administration of a decedent’s estate, guardianship, conservatorship, or trust, and including applicability provisions
Sponsored by the Senate State Government Committee
Topics:State government
Same legislation: SSB 3124
Where it is now
- Done: IntroducedFebruary 6, 2020
- Done: SubcommitteeFebruary 6, 2020
- Done: Senate committeeFebruary 17, 2020
- Done: Passes the SenateFebruary 24, 202050–0
- Done: House committeeMarch 5, 2020
- Done: Passes the HouseJune 3, 202096–1
- Done: To the GovernorJune 16, 2020
- Done: Signed into lawJune 17, 2020
Signed into law What’s a funnel?
What’s in it
AI summary When real estate is moved out of a trust, the person receiving it currently doesn't have to get a written disclosure statement. This change would require that disclosure if the person in charge of the trust used to own and live in that property right before the transfer. It applies to trusts managed by real people rather than companies.1
Read the official explanation
This bill relates to the transfer of real estate held in a trust. Under current law, a trustee of a trust is exempt from providing a written disclosure statement to a transferee as part of a transfer of real estate. The bill eliminates that exemption for a trust in which the trustee or settlor of the trust is a living, natural person and is a former owner of the real estate and was an occupant in possession of the real estate at any time within the consecutive months immediately preceding the date of transfer of the real estate. The bill applies to the transfer of real estate held in a trust on or after July 1, 2020.
Changed since by amendment S-5009; see Amendments.
House subcommittee
Named February 26, 2020. On March 2, 2020 it recommended passage.
Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part
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88th General Assembly