What You Need to Know about California’s Revocable Transfer on Death Deed
On January 1, 2016, Assembly Bill 139 (A.B. 139) went into effect in California, allowing Californians a new alternative to keep their homes out of probate. The revocable transfer on death deed, colloquially referred to as “poor man’s trusts,” is an inexpensive and quick way of effecting a transfer of real property to a named beneficiary (or beneficiaries) upon the death of the real property owner.
Up until January 2016, the most commonly used ways to transfer real property upon death was through 3 methods:
1. Ownership of property in joint tenancy or community property with right of survivorship.
2. A living trust.
3. A will.
The transfer on death deed is considered a nonprobate method for transferring property to a named beneficiary.