California Assembly Bill AB-139 will take effect January 1, 2016. It will allow homeowners to avoid probate and designate one or more beneficiaries to inherit their properties upon their death, without the creation of a trust. Upon the death of the homeowner, ownership would pass immediately to the beneficiary, without having to go through probate proceedings.
Designation of a beneficiary in the deed does not take away any rights of the property owner during her/his lifetime. She/he retains 100% control over the property during lifetime, and can still sell, place liens on the property, or borrow against the property with no need to inform the beneficiary named in the deed. The homeowner is also free to revoke the designation at any time during his or her life.
This low cost alternative is a great way to protect your property from probate. If you would like to discuss taking advantage of this new law, contact my highly recommended colleagues at In a Pinch Business Services at 760-536-3637, or visit www.inapinchonline.com The fee for creation of this document is $95. You can also contact your attorney.
For more information on the new bill please Click here