HOUSE OF REPRESENTATIVES	H.C.R. NO.	173
TWENTY-FOURTH LEGISLATURE, 2008		H.D. 1
STATE OF HAWAII

HOUSE CONCURRENT

RESOLUTION

REQUESTING THE LEGISLATIVE REFERENCE BUREAU TO STUDY AND RECOMMEND WHETHER LEGISLATION ESTABLISHING A REVOCABLE BENEFICIARY DEED SHOULD BE ENACTED IN HAWAII.

     WHEREAS, a revocable transfer on death or "revocable beneficiary deed" is a deed that conveys an interest in real property, including any debt secured by a lien on real property, to a grantee beneficiary designated by the owner and expressly states that the deed is effective on the death of the owner; and

     WHEREAS, generally, a revocable beneficiary deed may be revoked at any time by the owner, provided that the revocation is duly executed and recorded before the death of the owner; and

     WHEREAS, a revocable beneficiary deed enables an owner to convey the interest in real property upon death without a will or trust, thereby avoiding complicated or costly probate proceedings; and

     WHEREAS, the transfer of real property by a revocable beneficiary deed would be similar to other transfer on death conveyances of personal property, such as bank accounts, automobiles, boats, and retirement accounts; and

     WHEREAS, at least nine states have enacted beneficiary deed legislation, including Arizona, Colorado, Kansas, Missouri, Nevada, New Mexico, Ohio, Arkansas, and Wisconsin; and

     WHEREAS, it is important to examine Hawaii's existing real property donative transfer devices and weigh the advantages and disadvantages of a revocable beneficiary deed before enacting similar legislation in this state; now, therefore,

     BE IT RESOLVED by the House of Representatives of the Twenty-fourth Legislature of the State of Hawaii, Regular Session of 2008, the Senate concurring, that the Legislative Reference Bureau is requested to study and recommend whether legislation establishing a revocable beneficiary deed should be enacted in Hawaii; and

     BE IT FURTHER RESOLVED that in completing the study, the Legislative Reference Bureau is requested to:

     (1)  Review the relevant revocable beneficiary deed statutes, experience since enacting a revocable beneficiary deed statute, and related legal incidents in Arizona, Colorado, Kansas, Missouri, Nevada, New Mexico, Ohio, Arkansas, and Wisconsin;

     (2)  Identify and describe any existing real property donative transfer devices in Hawaii that may be similar to the revocable beneficiary deed;

     (3)  Weigh advantages and disadvantages of enacting revocable beneficiary deed legislation in Hawaii;

     (4)  Seek the cooperation and assistance of the:

          (A)  Judiciary;

          (B)  Department of Commerce and Consumer Affairs;

          (C)  Registrar of the Land Court;

          (D)  Registrar of the Bureau of Conveyances;

          (E)  Elder Law Section of the Hawaii State Bar Association; and

          (F)  Probate and Estate Planning Section of the Hawaii State Bar Association;

and

     BE IT FURTHER RESOLVED that the Legislative Reference Bureau is requested to submit a report of any findings and recommendations, including proposed legislation, to the Legislature no later than 20 days prior to the convening of the 2009 Regular Session; and

     BE IT FURTHER RESOLVED that certified copies of this Concurrent Resolution be transmitted to the Legislative Reference Bureau, Chief Justice of the Hawaii Supreme Court, Director of Commerce and Consumer Affairs, Registrar of the Land Court, Registrar of the Bureau of Conveyances, Chair of the Elder Law Section of the Hawaii State Bar Association, and Chair of the Probate and Estate Planning Section of the Hawaii State Bar Association.

Report Title: 

Revocable Beneficiary Deed; Study