Many Californians are well-aware of the hassles of going through the probate process, which is why they are usually willing to consider estate planning alternatives that allow them to avoid it. One option you may want to learn more about is the transfer on death (TOD) deed, which is available to qualifying property owners. You should rely on a knowledgeable California estate planning attorney to provide advice tailored to your specific circumstances, but a summary of TOD deeds should be useful.
Overview of the Transfer on Death Deed Statute
The TOD deed is covered under California’s Revocable Transfer on Death Deed statute, which became effective in January 2016 and is temporary in nature. Through January 1, 2021, you can transfer residential real estate to a named beneficiary via a TOD deed without the asset going through the probate process. By executing a TOD deed in accordance with the legal requirements, you enjoy all ownership rights and retain title until your death. Upon that date, ownership transfers to your designated beneficiary by operation of law. Plus, you can revoke it at any time if you so choose.