WBK Industry News - State Regulatory Developments

CA Enacts Amendments Applicable to Revocable Transfer on Death Deeds

Recently, California enacted Senate Bill No. 315, which amends existing law by, among other things: (1) extending the sunset date governing the effectiveness of new transfer on death (TOD) deeds from January 1, 2022, to January 1, 2032, (2) redefining and newly defining terms such as “beneficiary,” “real property,” “subscribing witness,” and “unsecured debts”; (3) amending how and when a revocable transfer on death (TOD) deed becomes effective or revoked; (4) adding additional provisions to the statutory forms for executing and revoking a revocable TOD deed; and (5) requiring, after the death of a transferor, that the beneficiary serve a statutorily prescribed notice on the transferor’s heirs.  Finally, the bill requires the California Law Revision Commission to study the effect of these newly enacted provisions and report its findings to the Legislature on or before January 1, 2031.