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Today I have Karl Kooser with me to talk about the Transfer Upon Death Deed. It’s a new law to make the succession of real estate to your heirs a little easier.
This new law came about at the beginning of the year, and it essentially allows people to designate beneficiaries to acquire their property upon death. This helps to avoid probate, which can get messy. It also eliminates the need for a trust to be created, and this deed is revocable. So, if someone decides they don’t want to transfer their property in a certain way before they die, they can go back and make those changes.
How can you go about doing this? You can contact Karl Kooser or go to the county recorder’s office and they will direct you where to go.
If you have any questions for me or Karl, please don’t hesitate to contact me!
Legal Disclaimer - AB 139 directs the California Law Revision Commission to study the effect of the TOD deed as established by the bill and to report back to the Legislature no later than January 1, 2020. It is specifically to study whether the deed is working effectively, whether it has been used to perpetuate financial abuse, whether it needs changes, and whether it should be continued.
Unless the Legislature acts otherwise, the bill will sunset on January 1, 2021; but that would not invalidate any revocable TOD deed executed before that date.
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