Bill
S 3376
New Jersey legislation enables property owners to bypass probate by executing transfer-on-death deeds, reducing estate settlement costs and timelines for beneficiaries.
S 3376 establishes New Jersey's adoption of the Uniform Real Property Transfer on Death Act, a model law that allows property owners to transfer real estate directly to beneficiaries upon death without going through probate court. The act creates a streamlined mechanism where property owners execute a "transfer on death deed" that becomes effective only when the owner dies, similar to existing payable-on-death mechanisms for bank accounts.
Probate can be time-consuming, expensive, and public, often delaying beneficiaries' access to inherited property for months or years. This legislation would provide New Jersey residents an alternative estate planning tool that reduces costs, maintains privacy, and accelerates property transfer to heirs. It particularly benefits lower-to-middle income families and owners of modest properties who cannot justify expensive trust-based estate planning.
Compiled from official sources — confirm details with the bill’s official record.
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