Also in Frankfort today, lawmakers heard about a new option for Kentuckians to transfer property assets to a beneficiary, so called transfer on death.

Deeds are allowed in 30 other states, but Kentucky's General Assembly hasn't jumped on board.

Our Emily Prince explains why one lawmaker wants to see this bill become law.

The beneficiary.

A Northern Kentucky lawmaker, wants to see an estate planning bill he's had in the works for a few years.

Make its way across the finish line.

During today's interim Joint Committee on Local Government.

Senator Steve Rawlings explained the concept for a transfer on death deed called Tod for short.

So suppose you own a house or farm and you want to give it to your daughter or your grandson, or whichever beneficiary.

A Tod deed allows you to continue to own and control the property during your lifetime.

Sell it.

Refinance it.

Mortgage it, or otherwise deal with it while you're alive.

It allows you to name a beneficiary who will receive the property at your death.

You can change or revoke the designation while you are alive and the property passes outside the ordinary.

Probate process.

It's not necessary that it's in a will or it goes through probate.

It goes outside of that.

Rawlings said this method would make basic estate planning accessible to all Kentuckians, not just those with the means to hire a legal counsel.

He said 30 other states have adopted this kind of legislation.

So the Tod can reduce potential family conflict.

It allows faster and convenient transfer to loved ones.

Individuals know that their wishes will be honored.

It prevents unintended outcomes.

It keeps people housed.

The transfer has no immediate tax consequences.

It is revocable at any time during the owner's lifetime.

A Louisville Democrat asked about the difference between a will and a transfer on death deed.

If I had put a will in place for my, children to, split our house 5050 on the passing of myself and my husband, and at a later date, I did a transfer on death.

Forgot that I had this original will that I created many moons ago and said, now I want the transfer on death to go solely to just one child.

Which one would be would over?

Would supersede the other one.

The transfer on death deed would would trump the will essentially.

Rawlings said he believed the bill to establish transfer on death deeds had stalled in the past because of outdated Kentucky probate law.

However, he said Senate Bill 50, which passed this year, overhauled Kentucky's probate estate and inheritance laws could set the stage for the establishment of Todd Deeds.

But a South Central representative said more changes to estate laws could mean more complications for Kentuckians.

This issue has gotten more and more complicated all the time by what we continue to do, and so I want to take that into account as we move forward.

There are some things that need to be addressed in in gaps in this issue.

Prior to probably moving forward on this or as we move forward on this.

Rawlings said he'll plan to introduce the bill during the 2027 legislative session.

For Kentucky Edition, I'm Emily Prince.

Thank you.

Emily.

When asked how a transfer on death Deed is different from a life estate, Senator Rawlings said, typically, once a life estate beneficiary is recorded, it can't be changed, but a transfer on death deed can be revoked at any time.