Legislature(2015 - 2016)BUTROVICH 205
04/07/2016 09:00 AM Senate STATE AFFAIRS
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| Audio | Topic |
|---|---|
| Start | |
| HB231 | |
| SB150 | |
| SB171 | |
| HB77 | |
| HB273 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| + | TELECONFERENCED | ||
| += | SB 150 | TELECONFERENCED | |
| += | SB 171 | TELECONFERENCED | |
| += | HB 231 | TELECONFERENCED | |
| + | HB 273 | TELECONFERENCED | |
| + | HB 77 | TELECONFERENCED | |
| + | TELECONFERENCED |
HB 273-VEHICLES: TRANSFER ON DEATH TITLE; ESTATES
10:25:29 AM
CHAIR STOLTZE announced the consideration of HB 273.
DENEEN TUCK, Staff, Representative Lynn, Alaska State
Legislature, Juneau, Alaska, read the sponsor statement for HB
273 with commentary as follows:
HB 273 is a way that people can plan their estate
without going through the problems, length and expense
of probate; this is the fourth step in this process. A
number of years ago Title 13 provisions were added
that would allow a person to have a Transfer on Death
(TOD) bank account and designate a beneficiary with
one or more beneficiaries, depending on the
institution, and simply designating to the account by
filling out a small card. When you open a bank account
or thereafter, you can change it or do anything you
want with it, but it has proven very beneficial. Title
13 provides for brokerage accounts, like Merrill Lynch
or accounts that do the same thing and these are also
permitted under Federal law; it has proven to be a
very good step in the area of estate planning and not
controversial. You don't have to do it, but you can do
it if you wish.
Several years ago, legislators carried this one step
further in enacting TOD-deed legislation that does the
same thing with real estate. If you want a TOD deed
than there is a form you just fill out and it becomes
effective upon your death and you record it. When you
die the person who's the beneficiary simply presents a
copy of the death certificate or whatever proof of
death that's recorded and then the deed becomes
effective.
From what I know the TOD concept has been very
successful and now we're trying with this bill to
expand that concept to vehicles. Currently 15 states
have at last count, excluding Alaska. There is no
uniform act yet for this, hopefully there will be or a
model act or a suggested state legislation or
something; but, what we did was we got Legislative
Research and they gave us copies of all the state laws
and in addition, copies of the state laws for which
four states have expanded this for watercraft and we
also register snow machines in this state and we are
looking at outboard motors as well.
The Division of Motor Vehicles has been very helpful
and has provided a lot of technical assistance in the
drafting of this bill because they were given these
laws to see how they could put together a bill for us;
they did not feel it was appropriate to go with the
watercraft and we can't do aircraft because that is
federal and there are obligations on their titles,
it's not done internally that way. HB 273 is 6-page
bill so that it has conforming language with all of
the other TOD language in the statute.
10:28:39 AM
CHAIR STOLTZE announced that HB 273 would be held in committee.