Bill AB 250 will allow nonprobate transfer of property

AMENDED IN ASSEMBLY APRIL 10, 2007 AMENDED IN ASSEMBLY MARCH 22, 2007 AMENDED IN ASSEMBLY MARCH 19, 2007 california legislature—2007–08 regular session ASSEMBLY BILL No. 250 Introduced by Assembly Member DeVore (Coauthors: Assembly Members Anderson, Benoit, Cook, Gaines, Garrick, Horton, Jeffries, La Malfa, Maze, Silva, Tran, and Walters) (Coauthor: Senator Ackerman) February 1, 2007 An act to amend Section 2040 of the Family Code, to amend Sections 250, 267, 279, 5000, 5302, 13111, 13206, and 13562 of, to amend and renumber Sections 5600, 5601, 5602, 5603, and 5604 of, to add Section 69 to, to add the heading of Chapter 3 (commencing with Section 5040) to Part 1 of Division 5 of, to add Part 4 (commencing with Section 5600) to Division 5 of, and to repeal the heading of Part 4 (commencing with Section 5600) of Division 5 of, the Probate Code, relating to nonprobate transfers. legislative counsel’s digest AB 250, as amended, DeVore. Nonprobate transfers: revocable transfer upon death deeds. (1) Existing law provides that a person may pass real property to a beneficiary at death by various methods including by will, intestate succession, trust, and titling the property in joint tenancy, among others. This bill would create the revocable transfer on death deed (revocable TOD deed), as defined, which would transfer real property on the death AB250 —2— of its owner without a probate proceeding. The bill would require that a person have testamentary capacity to make or revoke the deed and would require that the deed be in a statutory form provided for this purpose. To read the entire bill:http://reverse-your-mortgage.typepad.com/reverse_your_mortgage/