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