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'Transfer on Death' Bills Heard in Texas House Committee
Wednesday, March 18, 2015 6:55 AM

The Texas House Judiciary and Civil Jurisprudence Committee met Tuesday, March 17, to consider two bills of interest to credit unions, HB 703 and HB 705, both by Rep. Jessica Farrar (Houston-D). 

HB 703 would create a method for people to transfer real property upon death outside the probate process. This "transfer on death deed" would be revocable and would also allow someone to retain a life estate as part of a transfer. 

HB 705 would provide two methods by which an heir could obtain information about the balance of an account owned by a deceased member who died without a will. 

At the conclusion of testimony on both bills, Rep. Farrar announced that committee substitutes will be forthcoming to address concerns of lenders and judges.

Contact Jeff Huffman, president, Texas Credit Union Association, at 469-385-6488 or jhuffman@txcua.coop for more information.