Santa Clarita Real Estate

Go Granny Go!
Mary Pat Toups, 79, a pro bono attorney and a grandmother has been on a crusade for a one page document to bequeath property without the need for courts and lawyers.

The proposed "revocable transfer on death deed," or TOD deed, is aimed at giving homeowners a simple, inexpensive and secure method of handing down property, rather than retaining lawyers to create trusts or guide heirs through the probate system. Elderly people and others with little disposable cash but relatively large accumulated equity in their homes are expected to capitalize most on the option.

Our Probate courts are full of properties that could have been resolved much easier and quicker if the form Toups is pushing passes muster through our legislation. Already on the books in 10 other states. Because the transfer wouldn’t take place until the owner’s death, the chances of someone being duped out of their residence while still living by signing a document they didn’t understand would be reduced.

Advocates include the California Federation of Republican Women, several senior-advocacy agencies, and a gay-rights organization concerned about domestic partnership protections.

The one page form designed where the owners would describe the property, list the beneficiaries and indicate whether they wanted a spouse or someone else to live there as an intermediary owner until their death. Owners could rescind and reissue the deed anytime, provided they retain the mental capacity to grasp their actions.
The legal community argue that trusting a one-size-fits-all form, without an attorney’s advice, is chancy, because every family has different circumstances.

The current options to bequeath property in California are: A living trust which generally is prepared by a legal entity and can be costly. A quitclaim deed which can be risky, and a Will, the oldest method for dividing assests.

The bill is expected to be resumed by the Senate Judiciary Committee this January. if that committee approves it, the legislation would go to the full Senate for a vote and, if approved there, to the governor’s desk.
To read more about the Transfer on death deed bill