Bill Text: CA AB1779 | 2015-2016 | Regular Session | Chaptered

California Assembly Bill 1779 (Prior Session Legislation)

Bill Title: Nonprobate transfers: revocable transfer on death deed.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Passed) 2016-08-25 - Chaptered by Secretary of State - Chapter 179, Statutes of 2016. [AB1779 Detail]

Download: California-2015-AB1779-Chaptered.html

BILL NUMBER: AB 1779	CHAPTERED
	BILL TEXT

	CHAPTER  179
	FILED WITH SECRETARY OF STATE  AUGUST 25, 2016
	APPROVED BY GOVERNOR  AUGUST 25, 2016
	PASSED THE SENATE  AUGUST 11, 2016
	PASSED THE ASSEMBLY  MAY 31, 2016
	AMENDED IN ASSEMBLY  MAY 4, 2016

INTRODUCED BY   Assembly Member Gatto

                        FEBRUARY 3, 2016

   An act to amend Section 21 of Chapter 293 of the Statutes of 2015,
relating to nonprobate transfers.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 1779, Gatto. Nonprobate transfers: revocable transfer on death
deed.
   Existing law, until January 1, 2021, creates the revocable
transfer on death deed (revocable TOD deed), as defined, which allows
an owner of real property to transfer that property, upon death, to
a beneficiary without a probate proceeding, according to specified
rules. Existing law sets forth the statutory forms that must be used
by a transferor in the execution of a revocable TOD deed. Existing
law requires the California Law Revision Commission to study and make
recommendations regarding the revocable TOD deed to the Legislature
by January 1, 2020.
   This bill would additionally require the California Law Revision
Commission to study whether it is feasible and appropriate to expand
the revocable TOD deed to include specified transfers, including
transfers to a trust.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 21 of Chapter 293 of the Statutes of 2015 is
amended to read:
  SEC. 21.  (a) The California Law Revision Commission shall study
the effect of California's revocable transfer on death deed set forth
in Part 4 (commencing with Section 5600) of Division 5 of the
Probate Code and make recommendations in this regard. The commission
shall report all of its findings to the Legislature on or before
January 1, 2020.
   (b) In the study required by subdivision (a), the commission shall
address all of the following:
   (1) Whether the revocable transfer on death deed is working
effectively.
   (2) Whether the revocable transfer on death deed should be
continued.
   (3) Whether the revocable transfer on death deed is subject to
misuse or misunderstanding.
   (4) What changes should be made to the revocable transfer on death
deed or the law associated with the deed to improve its
effectiveness and to avoid misuse or misunderstanding.
   (5) Whether the revocable transfer on death deed has been used to
perpetuate financial abuse on property owners and, if so, how the law
associated with the deed should be changed to minimize this abuse.
   (6) Whether it is feasible and appropriate to expand the revocable
transfer on death deed to include the following:
   (A) The transfer of stock cooperatives or other common interest
developments.
   (B) Transfers to a trust or other legal entity.
   (c) (1) The report required by subdivision (a) shall comply with
Section 9795 of the Government Code.
   (2) Pursuant to Section 10231.5 of the Government Code, this
section is repealed on January 1, 2024.