In September 2015, California Governor Jerry Brown signed a bill into law allowing Californians to use revocable transfer on death deeds for real estate. Otherwise known as a "Poor Man's Trust," these deeds allow homeowners to leave their property to their heirs without the need for probate, a traditionally costly and complicated process. Revocable transfer on death deeds are comparable to payable on death accounts.
While married couples already have a method of passing their property to their spouse without probate, things have traditionally been much more complicated for single people. This law will make it easier for single people, widowers, and widows to leave their assets to their heirs. Before the passing of this law, the only way a single person could pass their property to an heir without probate was to create a trust or add a person to the property's title. Now, homeowners need only to sign a document known as a Simple Revocable Transfer on Death Deed which names who will receive their property. These deeds can be revoked at any time after being created.
The law will expire in January 2021. Any transfer on death deeds that are created before the law expires will remain effective, though any new deeds cannot be created after the law's expiration. Upon studying the law's effects, the California Law Revision Commission will consider renewal in 2020.
Contact P. Arnsen Blakely Today
If you are interested in creating a revocable transfer on death deed, a knowledgeable Orange County probate lawyer from P. Arnsen Blakely can guide you through the process and ensure your wishes are honored at the time of your passing. With more than 40 years of legal experience, we can provide the skilled advocacy you need to help you face your future with peace of mind.
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