Find out what’s your southern California home worth
Menifee Town Center Plaza
Future Menifee Town Center
Sam Maloof-Wood Artist
Life of Local Legend Sam Maloof
As a Real Estate Professional(Broker Associate) I firmly believe that my clients deserve the utmost Care, Loyalty, Accountability and Confidentiality. Ethics and professionalism are moral values to me and I work diligently to preserve professional integrity. Whether I represent a buyer or a seller I take on the responsibility as if it’s my own transaction to protect the rights of my client.
I work diligently to assure that my clients are kept informed on how their transaction is moving forward. I believe that it’s my duty to educate my clients, and inform them what to expect next. My goal is to exceed my client’s expectations and build a lasting professional as well as a personal relationship during life of the transaction and beyond.
I am a good standing member of the South West Riverside County Association of Realtors, the California & National Associations of Realtors since 2008. To further my knowledge I successfully completed the Lumbleau Real Estate school and became a broker. I am proud to be an Associate Broker at one of California’s largest family owned real estate companies well known Tarbell Realtors,
Transfer on Death Deeds for California Real Estate!!
Transfer on Death Deeds for California Real Estate
As of January 1, 2016, owners of residential real property in California have access to a new estate planning tool: the Simple Revocable Transfer on Death Deed (TODD). Find the law in the California Probate Code, starting at section 5600.
These instruments allow individual landowners to transfer their real estate when they die, but outside of a will and without the need for probate distribution. The transferor simply executes a TODD form, then records it during the course of his/her natural life, and within 60 days of the signing date (5626(a)). Note that unlike grant deeds or quitclaim deeds, there is no change in ownership when a transfer on death deed is recorded (5650). As such, they are exempt from transfer taxes and the Preliminary Change of Ownership Report (PCOR).
Section 5650 explains that while transferors are alive, they retain absolute ownership of and control over their property. They may sell, mortgage, rent, or otherwise use their real estate without concern for or permission from the beneficiaries. The owners may also modify or revoke the future transfer at will. So, the beneficiaries named in the document do not gain any present rights in the property until the transferor dies—until that point they only have a potential future interest.
Revocability is one of the unique features of transfer on death deeds. By retaining title to the property, the transferor can easily adapt to changes in circumstances or intentions. There are three ways to revoke a recorded TODD: transfer the real estate outright (in other words, use a standard deed, such as a grant or quitclaim deed, to convey the title away from the transferor); execute and record a new TODD, which automatically supersedes the previous document; or execute and record an instrument of revocation (5628-5632, 5660(c)).
Be aware, too, that the TODD is NOT affected by provisions in the owner’s will (5642(b)). Best practices dictate that any change to an estate plan initiates a review of the whole thing, so to reduce the chance for conflict, make sure that the transfer on death deed reinforces the will and other related documents.
Beneficiaries take title to the property under the rules set out at section 5652. Note especially that any associated debts, obligations, or agreements in place when the owner died follow the real estate to the beneficiaries. In addition, the title transfers without warranty, so the beneficiaries might find themselves liable for future claims against the property. For these reasons, among others, beneficiaries might wish to disclaim the gift (5652(a)(1)).
As it stands, the transfer on death deed is not valid for real estate held in joint tenancy or as community property with right of survivorship (5664).
Overall, the Simple Revocable Transfer on Death Deed offers a convenient, flexible option to consider as part of an overall estate plan. Even so, they may not be appropriate in all cases. Contact an attorney for complex situations or with any questions.
Related Topics: | California | Estate Planning | General | Transfer on Death |
December 10, 2015, Deeds.com - Information deemed reliable but not guaranteed, you should always confirm this information with the proper agency prior to acting. The materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. These materials are intended, but not promised or guaranteed to be current, complete, or up-to-date.
Hi Don, you and I have had many conversations in these last 5 months and I can see why my Dad spoke highly of you. From the bottom of my heart, I sincerely thank you for everything you have done for us in getting this house sold.
We did it! I’m so happy that we have accomplished this. It feels like a huge burden has been lifted and we no longer have to worry about making any more mortgage payments, paying utilities and pool service, etc.
We’ll find a time to celebrate all together.
I never thought that I could ever be able to buyer a home. It is your hardwork and creative thinking and the lender referral that got the job done.
I really appreciate your knowlege, talant and positive attitude. But more importantly I thank you from the bottom of my heart. You are the best in this business.
Linda Montour reviewed Don Wijesinghe
Helped me sell a home
Don Wijesinghe is the most honest, caring, perfectionist when it comes to servicing his clients. He will go above and beyond when necessary. If you desire peace of mind in your Real Estate needs this is who you want on your side! He is loved and respected by all with whom he has touched in our lives.