Frequently Asked Questions Proposed by Ab139

• Jurisdiction: California,United States
• Citation: Vol. 38 No. 1
• Publication year: 2016
• topic: Trust Law,Real Estate,Wills, Trusts and Estates

Frequently Asked Questions proposed by AB1391

Q 1. What does the TOD deed do?

A. When you die, the identified property will transfer to your named beneficiary without probate. The TOD deed has no effect until you die. You can revoke it at any time.

Q 2. Can I use this deed to transfer business property?

A. This deed can only be used to transfer (1) a parcel of property that contains one to four residential dwelling units, (2) a condominium unit, or (3) a parcel of agricultural land of 40 acres or less, which contains a single-family residence.

Q 3. How do I use the TOD deed?

A. Complete this form. Have it notarized. RECORD the form in the county where the property is located. The form MUST be recorded on or before 60 days after the date you sign it or the deed has no effect.

Q 4. Is the "Legal Description" of the property necessary?

A. Yes.

Q 5. How do I find the "Legal Description" of the property?

A. This information may be on the deed you received when you became an owner of the property. This information may also be available in the office of the county recorder for the county where the property is located. If you are not absolutely sure, consult an attorney.

Q 6. How do I "Record" the form?

A. Take the completed and notarized form to the county recorder for the county in which the property is located. Follow the instructions given by the county recorder to make the form part of the official property records.

Q 7. What if I share ownership of the property?

A. This form only transfers YOUR share of the property. If a co-owner also wants to name a TOD beneficiary...