CSHB 60(L&C): "An Act adopting and relating to the Uniform Real Property Transfer on Death Act; relating to joint ownership of real property; and relating to disclaimers of property interests."
00 CS FOR HOUSE BILL NO. 60(L&C) 01 "An Act adopting and relating to the Uniform Real Property Transfer on Death Act; 02 relating to joint ownership of real property; and relating to disclaimers of property 03 interests." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 13 is amended by adding a new chapter to read: 06 Chapter 48. Uniform Real Property Transfer on Death Act. 07 Sec. 13.48.010. Transfer on death deed authorized. An individual may 08 transfer property to one or more beneficiaries effective at the transferor's death by a 09 transfer on death deed. 10 Sec. 13.48.020. Transfer on death deed revocable. A transfer on death deed 11 is revocable even if the deed or another instrument contains a contrary provision. 12 Sec. 13.48.030. Transfer on death deed nontestamentary. A transfer on 13 death deed is nontestamentary. 14 Sec. 13.48.040. Capacity of transferor. The capacity required to make or
01 revoke a transfer on death deed is the same as the capacity required to make a will. 02 Sec. 13.48.050. Requirements. A transfer on death deed 03 (1) except as otherwise provided in (2) of this section, must contain the 04 essential elements and formalities of a properly recordable inter vivos deed; 05 (2) must state that the transfer to the designated beneficiary is to occur 06 at the transferor's death; and 07 (3) must be recorded before the transferor's death in the public records 08 in the office of the recorder in the recording district where the property is located. 09 Sec. 13.48.060. Notice, delivery, acceptance, consideration not required. A 10 transfer on death deed is effective without 11 (1) notice or delivery to, or acceptance by, the designated beneficiary 12 during the transferor's life; or 13 (2) consideration. 14 Sec. 13.48.070. Revocation by instrument authorized; revocation by act 15 not permitted. (a) Subject to (b) and (c) of this section, an instrument is effective to 16 revoke a recorded transfer on death deed, or any part of it, only if the instrument 17 (1) is one of the following: 18 (A) a transfer on death deed that revokes the deed or part of the 19 deed expressly or by inconsistency; 20 (B) an instrument of revocation that expressly revokes the deed 21 or part of the deed; 22 (C) an inter vivos deed that expressly revokes the transfer on 23 death deed or part of the deed; and 24 (2) is acknowledged by the transferor after the acknowledgment of the 25 deed being revoked and recorded before the transferor's death in the recording district 26 where the deed is recorded. 27 (b) An inter vivos deed that does not expressly revoke a transfer on death 28 deed, or a part of the transfer on death deed, creates a rebuttable presumption that the 29 inter vivos deed is effective to revoke a recorded transfer on death deed, or a part of 30 the recorded transfer on death deed, if the inter vivos deed 31 (1) completely divests the transferor of the transferor's interest in the
01 real property that is the subject of the transfer on death deed; and 02 (2) satisfies (a)(2) of this section. 03 (c) If a transfer on death deed is made by more than one transferor, 04 (1) revocation by a transferor does not affect the deed as to the interest 05 of another transferor; and 06 (2) a deed of joint owners is revoked only if it is revoked by all of the 07 living joint owners. 08 (d) After a transfer on death deed is recorded, it may not be revoked by a 09 revocatory act on the deed. 10 (e) This section does not limit the effect of an inter vivos transfer of the 11 property. 12 Sec. 13.48.080. Effect of transfer on death deed during transferor's life. 13 During a transferor's life, a transfer on death deed does not 14 (1) affect an interest or right of the transferor or any other owner, 15 including the right to transfer or encumber the property; 16 (2) affect an interest or right of a transferee, even if the transferee has 17 actual or constructive notice of the deed; 18 (3) affect an interest or right of a secured or unsecured creditor or 19 future creditor of the transferor, even if the creditor has actual or constructive notice of 20 the deed; 21 (4) affect the transferor's or designated beneficiary's eligibility for any 22 form of public assistance; 23 (5) create a legal or equitable interest in favor of the designated 24 beneficiary; or 25 (6) subject the property to claims or process of a creditor of the 26 designated beneficiary. 27 Sec. 13.48.090. Effect of transfer on death deed at transferor's death. (a) 28 Except as otherwise provided in the transfer on death deed, in this section, or in 29 AS 13.12.203, 13.12.702, 13.12.706, 13.12.707, 13.12.803, or 13.12.804, on the death 30 of the transferor, the following rules apply to property that is the subject of a transfer 31 on death deed and owned by the transferor at death:
01 (1) subject to (2) of this subsection, the interest in the property is 02 transferred to the designated beneficiary under the deed; 03 (2) the interest of a designated beneficiary is contingent on the 04 designated beneficiary surviving the transferor; the interest of a designated beneficiary 05 that fails to survive the transferor lapses; 06 (3) subject to (4) and (5) of this subsection, concurrent interests are 07 transferred to the beneficiaries in equal and undivided shares with no right of 08 survivorship; 09 (4) if the transferor has identified two or more designated beneficiaries 10 to receive concurrent interests in the property and if the transferor has not named an 11 alternate designated beneficiary under (5) of this subsection for the share of a 12 designated beneficiary that lapses or fails for any reason, the lapsing or failing share is 13 transferred to the other remaining designated beneficiaries in proportion to the interest 14 of each remaining beneficiary in the remaining part of the property held concurrently; 15 (5) the transferor may identify one or more alternate designated 16 beneficiaries to take the share of a designated beneficiary that lapses or fails for any 17 reason. 18 (b) Subject to AS 40.17, a beneficiary takes the property subject to all 19 conveyances, encumbrances, assignments, contracts, mortgages, liens, and other 20 interests to which the property is subject at the transferor's death. For purposes of this 21 subsection and AS 40.17, the recording of the transfer on death deed is considered to 22 have occurred at the transferor's death. 23 (c) If a transferor is a joint owner and is 24 (1) survived by one or more other joint owners, the property that is the 25 subject of a transfer on death deed belongs to the surviving joint owner or owners with 26 right of survivorship; or 27 (2) the last surviving joint owner, the transfer on death deed is 28 effective. 29 (d) A transfer on death deed transfers property without covenant or warranty 30 of title even if the deed contains a contrary provision. 31 Sec. 13.48.100. Disclaimer. A beneficiary may disclaim all or part of the
01 beneficiary's interest as provided by AS 13.70 (Uniform Disclaimer of Property 02 Interests Act). 03 Sec. 13.48.110. Liability for creditor claims and statutory allowances. (a) 04 To the extent the transferor's probate estate is insufficient to satisfy an allowed claim 05 against the estate, the costs of administration of the estate, or a statutory allowance to a 06 surviving spouse or child, the estate may enforce the liability against property 07 transferred at the transferor's death by a transfer on death deed. 08 (b) If more than one property is transferred by one or more transfer on death 09 deeds, the liability under (a) of this section is apportioned among the properties in 10 proportion to their net values at the transferor's death. 11 (c) A proceeding to enforce the liability under this section must be 12 commenced not later than 12 months after the transferor's death. 13 Sec. 13.48.120. Optional form of transfer on death deed. The following 14 form may be used to create a transfer on death deed. The provisions of this chapter 15 govern the effect of this or any other instrument used to create a transfer on death 16 deed. 17 (front of form) 18 REVOCABLE TRANSFER ON DEATH DEED 19 NOTICE TO OWNER 20 You should carefully read all information on the other side of 21 this form. Transferring real property by using a transfer on death 22 deed may have important legal consequences in addition to 23 designating who will receive the real property on the transferor's 24 death. These consequences may include, but are not limited to, (1) 25 affecting the beneficiary's eligibility for public assistance; and (2) 26 affecting creditors' rights. If you have any questions, you should 27 consult an attorney. 28 This form must be recorded before your death, or it will not be 29 effective. 30 IDENTIFYING INFORMATION 31 Owner or Owners Making This Deed:
01 _________________________ _________________________ 02 Printed name Mailing address 03 _________________________ _________________________ 04 Printed name Mailing address 05 Legal description of the property: 06 ____________________________________________________ 07 PRIMARY BENEFICIARY/BENEFICIARIES 08 (Please list one or more primary beneficiaries. You may want to 09 obtain legal advice before listing more than one primary beneficiary. 10 There is more than one way to transfer property to several persons.) 11 I designate the following beneficiary if the beneficiary survives 12 me: 13 _________________________ _________________________ 14 Printed name Mailing address, if available 15 ALTERNATE BENEFICIARY/BENEFICIARIES - Optional 16 (You may list one or more alternate beneficiaries. You may 17 want to obtain legal advice before listing more than one alternate 18 beneficiary. There is more than one way to transfer property to several 19 persons.) 20 If my primary beneficiary does not survive me, I designate the 21 following alternate beneficiary if that beneficiary survives me: 22 _________________________ _________________________ 23 Printed name Mailing address, if available 24 TRANSFER ON DEATH 25 At my death, I transfer my interest in the described property to 26 the beneficiaries as designated above. 27 Before my death, I have the right to revoke this deed. 28 SIGNATURE OF OWNER OR OWNERS MAKING THIS DEED 29 _________________________ _________________________ 30 Signature Date 31 _________________________ _________________________
01 Signature Date 02 ACKNOWLEDGMENT 03 State of ______________________________________ Judicial 04 District (or County of ________________________ or Municipality of 05 ___________________) 06 The foregoing instrument was acknowledged before me this 07 (date) by (name of person who acknowledged). 08 _______________________________ 09 Signature of Person Taking 10 Acknowledgment 11 _______________________________ 12 Title or Rank 13 _______________________________ 14 Serial Number, if any 15 (back of form) 16 COMMON QUESTIONS ABOUT THE USE OF THIS FORM 17 What does the Transfer on Death (TOD) deed do? When you 18 die, this deed transfers the described property, subject to any liens or 19 mortgages (or other encumbrances) on the property at your death. 20 Probate is not required. The TOD deed has no effect until you die. You 21 can revoke it at any time. You are also free to transfer the property to 22 someone else during your lifetime. If you do not own any interest in the 23 property when you die, this deed will have no effect. 24 How do I make a TOD deed? Complete this form. Have it 25 acknowledged before a notary public or other individual authorized by 26 law to take acknowledgments. Record the form in each recording 27 district where any part of the property is located. The form has no 28 effect unless it is acknowledged and recorded before your death. 29 Is the "legal description" of the property necessary? Yes. 30 How do I find the "legal description" of the property? This 31 information may be on the deed you received when you became an
01 owner of the property. This information may also be available in the 02 office of the recorder in the recording district where the property is 03 located. If you are not absolutely sure, consult a lawyer. 04 Can I change my mind before I record the TOD deed? Yes. 05 If you have not yet recorded the deed and want to change your mind, 06 simply tear up or otherwise destroy the deed. 07 How do I "record" the TOD deed? Take the completed and 08 acknowledged form to the office of the recorder in the recording district 09 where the property is located. Follow the instructions given by the 10 recorder to make the form part of the official property records. If the 11 property is in more than one recording district, you should record the 12 deed in each recording district. 13 Can I later revoke the TOD deed if I change my mind? Yes. 14 You can revoke the TOD deed. Except for a court, no one, including 15 the beneficiaries, can prevent you from revoking the deed. 16 How do I revoke the TOD deed after it is recorded? There 17 are three ways to revoke a recorded TOD deed: (1) Complete and 18 acknowledge a revocation form, and record it in each recording district 19 where the property is located. (2) Complete and acknowledge a new 20 TOD deed that disposes of the same property, and record it in each 21 recording district where the property is located. (3) Transfer the 22 property to someone else during your lifetime by a recorded deed that 23 expressly revokes the TOD deed. You may not revoke the TOD deed 24 by will. 25 I am being pressured to complete this form. What should I 26 do? Do not complete this form under pressure. Seek help from a trusted 27 family member, friend, or lawyer. 28 Do I need to tell the beneficiaries about the TOD deed? No, 29 but it is recommended. Secrecy can cause later complications and 30 might make it easier for others to commit fraud. 31 I have other questions about this form. What should I do?
01 This form is designed to fit some but not all situations. If you have 02 other questions, you are encouraged to consult a lawyer. 03 Sec. 13.48.130. Optional form of revocation. The following form may be 04 used to create an instrument of revocation under this chapter. The provisions of this 05 chapter govern the effect of this or any other instrument used to revoke a transfer on 06 death deed. 07 (front of form) 08 REVOCATION OF TRANSFER ON DEATH DEED 09 NOTICE TO OWNER 10 This revocation must be recorded before you die or it will not 11 be effective. This revocation is effective only as to the interests in the 12 property of owners who sign this revocation. 13 IDENTIFYING INFORMATION 14 Owner or Owners Making This Revocation: 15 _________________________ _________________________ 16 Printed name Mailing address 17 _________________________ _________________________ 18 Printed name Mailing address 19 Legal description of the property: 20 ____________________________________________________ 21 REVOCATION 22 I revoke all my previous transfers of this property by transfer on 23 death deed. 24 SIGNATURE OF OWNER OR OWNERS MAKING THIS 25 REVOCATION 26 _________________________ _________________________ 27 Signature Date 28 _________________________ _________________________ 29 Signature Date 30 ACKNOWLEDGMENT 31 State of ______________________________________ Judicial
01 District (or County of ________________________ or Municipality of 02 ___________________) 03 The foregoing instrument was acknowledged before me this 04 (date) by (name of person who acknowledged). 05 _______________________________ 06 Signature of Person Taking 07 Acknowledgment 08 _______________________________ 09 Title or Rank 10 _______________________________ 11 Serial Number, if any 12 (back of form) 13 COMMON QUESTIONS ABOUT THE USE OF THIS FORM 14 How do I use this form to revoke a Transfer on Death 15 (TOD) deed? Complete this form. Have it acknowledged before a 16 notary public or other individual authorized to take acknowledgments. 17 Record the form in the public records in the office of the recorder in 18 each recording district where the property is located. The form must be 19 acknowledged and recorded before your death or it has no effect. 20 How do I find the "legal description" of the property? This 21 information may be on the TOD deed. It may also be available in the 22 office of the recorder in the recording district where the property is 23 located. If you are not absolutely sure, consult a lawyer. 24 How do I "record" the form? Take the completed and 25 acknowledged form to the office of the recorder in the recording district 26 where the property is located. Follow the instructions given by the 27 recorder to make the form part of the official property records. If the 28 property is located in more than one recording district, you should 29 record the form in each of those recording districts. 30 I am being pressured to complete this form. What should I 31 do? Do not complete this form under pressure. Seek help from a trusted
01 family member, friend, or lawyer. 02 I have other questions about this form. What should I do? 03 This form is designed to fit some but not all situations. If you have 04 other questions, consult a lawyer. 05 Sec. 13.48.140. Nonexclusivity. The provisions of this chapter do not affect 06 any method of transferring property otherwise permitted under the law of this state. 07 Sec. 13.48.150. Uniformity of application and construction. In applying and 08 construing this uniform act, consideration shall be given to the need to promote 09 uniformity of the law with respect to its subject matter among the states that enact it. 10 Sec. 13.48.160. Relationship to Electronic Signatures in Global and 11 National Commerce Act. The provisions of this chapter modify, limit, and supersede 12 15 U.S.C. 7001 - 7031 (Electronic Signatures in Global and National Commerce Act), 13 but do not modify, limit, or supersede 15 U.S.C. 7001(c) or authorize electronic 14 delivery of any of the notices described in 15 U.S.C. 7003(b). 15 Sec. 13.48.190. Definitions. In this chapter, 16 (1) "beneficiary" means a person who receives property under a 17 transfer on death deed; 18 (2) "designated beneficiary" means a person designated to receive 19 property in a transfer on death deed; 20 (3) "joint owner" means an individual who is a joint tenant, who is a 21 tenant by the entirety, who is an owner of community property with a right of 22 survivorship, or who otherwise owns property concurrently with one or more other 23 individuals with a right of survivorship, but does not include an individual who is a 24 tenant in common or other owner of community property without a right of 25 survivorship; 26 (4) "person" means an individual, corporation, business trust, estate, 27 trust, partnership, limited liability company, association, joint venture, public 28 corporation, government or governmental subdivision, agency, or instrumentality, or 29 any other legal or commercial entity; 30 (5) "property" means an interest in real property located in this state 31 which is transferable on the death of the owner;
01 (6) "transfer on death deed" means a deed authorized under this 02 chapter; 03 (7) "transferor" means an individual who makes a transfer on death 04 deed. 05 Sec. 13.48.195. Short title. This chapter may be cited as the Uniform Real 06 Property Transfer on Death Act. 07 * Sec. 2. AS 13.70.100(e) is amended to read: 08 (e) In the case of an interest created by a beneficiary designation that is 09 disclaimed [MADE] before [THE TIME] the designation becomes irrevocable, the 10 [A] disclaimer shall be delivered to the person making the beneficiary designation. 11 * Sec. 3. AS 13.70.100(f) is amended to read: 12 (f) In the case of an interest created by a beneficiary designation that is 13 disclaimed [MADE] after [THE TIME] the designation becomes irrevocable, the [A] 14 disclaimer of an interest in 15 (1) personal property shall be delivered to the person obligated to 16 distribute the interest; and 17 (2) real property shall be recorded in the office of the recorder in 18 the recording district where the real property that is the subject of the disclaimer 19 is located. 20 * Sec. 4. AS 13.70.130 is amended to read: 21 Sec. 13.70.130. Recording of disclaimer. If an instrument transferring an 22 interest in or power over property subject to a disclaimer is required or permitted by 23 law to be filed, recorded, or registered, the disclaimer may be filed, recorded, or 24 registered as required or permitted by law. Except as otherwise provided in 25 AS 13.70.100(f)(2), failure [FAILURE] to file, record, or register the disclaimer does 26 not affect its validity as between the disclaimant and persons to whom the property 27 interest or power passes by reason of the disclaimer. 28 * Sec. 5. AS 34.15.130 is repealed. 29 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section to 30 read: 31 APPLICABILITY. (a) Sections 1 - 4 of this Act apply to a transfer on death deed
01 made on or after the effective date of this Act. In this section, "transfer on death deed" has the 02 meaning given in AS 13.48.190, enacted by sec. 1 of this Act. 03 (b) AS 13.70.100(e), as amended by sec. 2 of this Act, AS 13.70.100(f), as amended 04 by sec. 3 of this Act, and 13.70.130, as amended by sec. 4 of this Act, apply to a disclaimer 05 that is made under AS 13.70 on or after the effective date of this Act. 06 (c) Section 5 of this Act applies to real property, including an interest in real property, 07 that is transferred on or after the effective date of this Act.