Natural Resources – Vessel Transfers – Transfer–on–Death Beneficiary Designation

HB 244 allows sole vessel owners in Maryland to designate a beneficiary who automatically inherits the vessel upon the owner's death. Owners must include the beneficiary's name and address on the vessel's title using "TOD" (Transfer-on-Death). The beneficiary must then apply to the Department of Natural Resources with a death certificate and other documents to obtain a new title. If the beneficiary does not survive the owner, the vessel becomes part of the owner's estate.