The Senate Appropriations Committe of the California General Assembly recently held a hearing regarding a bill introduced in the California Assembly that would establish a revocable transfer on death deed in the state.
The proposed bill is known as AB 724.
The bill would, until January 1, 2015, create the revocable transfer on death deed, which would transfer real property on the death of its owner without a probate proceeding. The proposed legislation would provide that the deed would not affect the ownership rights of the property owner during his or her life. A revocable transfer on death deed would be void if, at the time of the owner’s death, the property is titled in joint tenancy or as community property with right of survivorship.
Eleven other states have similar TOD deed provisions.
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