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SB-1305 Revocable transfer on death deeds.(2019-2020)

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Date Published: 09/30/2020 09:00 PM
SB1305:v96#DOCUMENT

Senate Bill No. 1305
CHAPTER 238

An act to amend Section 5600 of the Probate Code, relating to revocable transfer on death deeds.

[ Approved by Governor  September 28, 2020. Filed with Secretary of State  September 28, 2020. ]

LEGISLATIVE COUNSEL'S DIGEST


SB 1305, Roth. Revocable transfer on death deeds.
Existing law governs the execution, revocation, and effectiveness of a revocable transfer on death (TOD) deed, defined as an instrument that makes a donative transfer of property to a named beneficiary, as defined, that operates on the transferor’s death, and remains revocable until the transferor’s death. Existing law establishes statutory forms for executing and revoking a revocable TOD deed that include provisions and instructions for the forms to be notarized by the transferor and recorded with the county recorder. Existing law requires that subsequent pages of the form to execute a revocable TOD deed include statutory “common questions” regarding the use of that form. Existing law requires that, in order to be effective, a revocable TOD deed be recorded on or before 60 days after the date it was executed. Existing law makes these provisions inoperative on January 1, 2021.
This bill would extend the operative date of those provisions until January 1, 2022.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 Section 5600 of the Probate Code is amended to read:

5600.
 (a) This part applies to a revocable transfer on death deed made by a transferor who dies on or after January 1, 2016, whether the deed was executed or recorded before, on, or after January 1, 2016.
(b) Nothing in this part invalidates an otherwise valid transfer under Section 5602.
(c) This part shall remain in effect only until January 1, 2022, and as of that date is repealed, unless a later enacted statute, that is enacted before January 1, 2022, deletes or extends that date. The repeal of this part pursuant to this subdivision shall not affect the validity or effect of a revocable transfer on death deed that is executed before January 1, 2022, and shall not affect the authority of the transferor to revoke a transfer on death deed by recording a signed and notarized instrument that is substantially in the form specified in Section 5644.