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House Bill 1129


House Bill 1129

ARCHIVE (2005)

Latest Information

 

DIGEST OF HB1129 (Updated April 5, 2005 4:01 pm - DI 84)


Inheritance tax and will depository. Allows a person to deposit a will with the circuit court clerk of the county in which the testator resided when the will was executed. Requires the circuit court clerk to collect a $25 fee for depositing the will, unless the circuit court waives the fee. Makes fee waiver mandatory if the depositor is participating a supreme court program, and permits fee waiver if the depositor is an attorney who will no longer practice law. Provides that an individual adopted as an adult is to be treated as the natural child of the adopting parent for purposes of the inheritance tax if the adoption was finalized before July 1, 2004. (Current law requires an individual to be adopted before being emancipated to be treated as the natural child of the adopting parent.) Specifies that a stepchild of the transferor is a Class A beneficiary for purposes of the inheritance tax, whether or not the stepchild is adopted by the transferor. Provides that a lineal descendant of a stepchild of a transferor, whether or not the stepchild is adopted by the transferor, is a Class A transferee for purposes of the inheritance tax. (The introduced version of this bill was prepared by the probate code study commission.)
Current Status:
 In Conference Committee
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