New Law Creates a Non-Probate Revocable Transfer Upon Death Deed and Statutory Form
The Revocable Transfer Upon Death Deed bill was approved by the Governor of California on September 21, 2015. The purpose of the new law is to allow for non-probate transfers of property through this revocable deed. That way, a person who does not wish to establish a trust or hold property in joint tenancy with his/her beneficiaries can simply name a beneficiary under the new deed to avoid probate and still have the protections of revocation. The deed is meant to benefit citizens by saving them money in avoiding the need to probate real property.
The law will last until 2021 – just six years. By January 1, 2020 – the Law Review Commission is due to make recommendations to the Legislature on the effectiveness of this law. A copy of the bill can be found below:
If you click on the link and scroll down you will find a Probate Code section 5642 form (with a common questions on using the form section); there's also a form for revoking the deed.