Real Property - Transfer-on-Death Deed - Establishment

HB 625 establishes a new "Transfer-on-Death (TOD) Deed" system for real property in Maryland. It allows property owners to designate beneficiaries who automatically inherit the property upon the owner's death, bypassing court probate. Key provisions include creating standardized forms for creating and revoking TOD deeds, requiring recording in county land records (but exempting them from property transfer taxes), and making the law apply retroactively to deeds created before the bill's effective date. The bill directly affects Maryland residents who own real estate and wish to simplify property transfers to heirs without court involvement.