Mary Cummins, Real Estate Appraiser, Animal Advocates, Los Angeles, California

Mary Cummins, Real Estate Appraiser, Animal Advocates, Los Angeles, California
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Friday, January 1, 2016

Mike Gatto's AB 139 passes, real estate may be transferred without a trust

Revocable transfer on death deed, pdf, doc, form, probate 5642, trust, deed, transfer, real estate, form ab  139, mike gatto, california, los angeles, 

California Assemblyman Mike Gatto is behind the bill AB 139. The bill makes it possible to transfer real estate w/o expensive trust or probably. This one page form can be filled out and filed easily with the county recorder's office.

"The new form, which already is popping up on county websites, is one page. You write down the parcel number and the name of the owner (grantor) and the people who inherit the property and their relationship to the owner. It must be signed by a notary. The law includes provisions to deal with the potential for coercion. For instance, it provides a means to challenge a questionable transfer. The deed can be revoked at any time. Twenty-five other states have similar laws, with few obvious problems arising from them.

The new law “will be of particular benefit to senior citizens whose estate consists primarily – or even exclusively – of the family home,” wrote the Conference of California Bar Associations, in a letter of support last year. “There are thousands of elderly people throughout the state who are barely getting by, but whose home, purchased long ago and paid off, may be worth several hundreds of thousands of dollars. … Existing law offers these individuals no good options.”

Now, they can save thousands of dollars and make it easy on their loved ones. The Howard Jarvis Taxpayers Association, the defenders of Proposition 13, championed this as one of the most important bills for property owners after that 1978 tax limitation measure.

“I think, rightfully so, most members of the public view Sacramento as a place that just passes into law new restrictions, new bureaucracy, new red tape,” Gatto said, in an interview. “We rarely take steps to make people’s lives easier. So I made it my mission, when I got elected, that I was going to focus on the opposite, which is helping make people’s lives easier.”

Fillable Revocable Transfer on Death Deed

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Mary Cummins of Animal Advocates is a wildlife rehabilitator licensed by the
Mary Cummins of Animal Advocates is a wildlife rehabilitator licensed by the California Department of Fish and Game and the USDA. Mary Cummins is also a licensed real estate appraiser in Los Angeles, California.

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