Dealing with the estate of a loved one when they pass away is something that is often complicated. Luckily, Governor Jerry Brown has recently signed a bill that makes one aspect of dealing with the estate a little bit easier. AB 139 simplified the transfer of real property in a way that could save a lot of California residents money in the future.
The bill, which goes into effect on Jan. 1, 2016, creates a Revocable Transfer on Death Deed that can make it easier and less expensive for real estate assets to transfer. This form will make transferring a home follow a similar process to that of a bank account transfer when there is a beneficiary that is noted as the Payable on Death form.
Instead of California residents having to choose between creating a trust for the real estate or having to leave loved ones to handle the asset when they die, the new form will allow them to take care of the matter in a quick manner. The person on the title of the home would sign the form. When that person dies, the person who is listed on the form would become the owner of the property.
Even with this new consideration, it is still vital for California residents to ensure that their estate plans accurately convey their wishes. Even if you have already completed an estate plan, you should make sure you review it periodically to ensure that it is still up-to-date. Understanding all the laws pertaining to probate can help you to decide how to handle your estate.
Source: Glendale News-Press, "Gov. Brown signs bill to make home transfers easier after death," Mark Kellam, Sep. 21, 2015