Something Good out of Sacramento

We don’t hear this very often and you probably thought you’d never hear me say it. Yet Governor Brown did approve some legislation to protect families from suffering further loses, after a loved one has passed. CA Legislature

Unfortunately, too many people pass away, without any kind of Will or agreement for the disposition of their property(s). Some pass unexpectedly way too soon. In these cases, the state and attorneys get a large chunk of the estate’s value, while trying to figure out, who should get it.

There is now a simple new form, that can be filed at anytime (see limitations below), to help curb all those unnecessary expenses ($1500-$2000 avg. trust costs) and keep the funds with the family (or other party designated), where they belong. This is thanks to California State Assembly Bill 139, passed September 21, 2015, whose provisions have been available in Hawaii and a few other states for sometime.

Beginning January 1, 2016, Assembly Bill 139 (also known as the Poor Man’s Trust), created a non-probate method for conveying interest in real property upon death. This is accomplished through a revocable transfer upon death deed (RTDD). If an RTDD has been filed, on 1-4 units, or agricultural land of less than 40 acres, from now through 1/1/2021, the deed automatically transfers to the listed recipient, and can only be revoked by a recorded document.

There are exceptions and certain provisions, for instance; if the property is owned by 2 people & 1 dies, the surviving person must file a new RTDD… If owned by Tenants in Common, it only affects the decedents portion of the property and if owned by Joint Tenancy, it is voidable. It does not require owner or lender to file a quit claim deed and it terminates upon the sale of the property (if sold to someone other than beneficiary). It also doesn’t not affect the current ownership in any way. The RTDD Must be recorded within 60 days of execution.

For more information on protecting your family, your assets, or to help explain this to loved ones, please call Scott Stephens (714) 801-6230…Before it’s too late.

For a full copy of the legislation;


About Scott Stephens

I have been a licensed Realtor in North Orange County since 1994 and a hard working community leader, since buying my first home here, in 1988. Having been the recipient of many awards in both these areas of my life, I guarantee that you will love my service. "I'm Just Here to Help"
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