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Revocable Transfer Upon Death Deed

           
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ANNOUNCEMENT

AB-139 Sent to Governor

MAJOR CHANGE IN CALIFORNIA LAW

Revocable Transfer Upon Death Deed

 

                       
AB-139, authored by Assemblyman Mike Gatto, D-Los Angeles, creates a new “Revocable Transfer Upon Death Deed” that should replace Living Trusts as the primary probate-avoidance method for hundreds of thousands of California homeowners. The bill was sent to the Governor for signature on September 9, 2015.

The new deed will work like a pay-on-death beneficiary designation on an IRA or life insurance policy; once the property owner dies, the home will pass automatically to the beneficiaries, without probate.

Such deeds have been called "Lady Bird" deeds in other states.
            
The current status of AB-139 can be found online here.