(Editor’s Notes: Lauren Murvihill is a summer associate at Downey Brand. She is a student at UC Davis School of Law. In September 2021, after publication of this post, the Governor approved Senate Bill 315.)
The thrifty do-it-yourselfers among us might jump at the opportunity to transfer their family home to their kids while avoiding probate and the expense of creating a trust. Revocable Transfer on Death Deeds, or RTODDs, have allowed for this type of non-probate transfer in California since 2016.
SB 315, now in the California Assembly having already passed in the Senate, will modify the Probate Code provisions that govern RTODDs. The bill aims to protect transferors from vulnerabilities and uncertainties when executing an RTODD. Will SB 315 change California law for the better by hindering fraud and financial elder abuse?