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Pros and Cons of a Revocable Transfer on Death Deed for California Residents

The California legislature enacted a law in 2016 that offered residents an alternative to keep their homes out of the costly and inefficient probate process. This alternative is known as a “revocable transfer on death deed.” This type of deed is sometimes referred to as the “poor man’s trust.” Why? Because it is a less costly way to transfer real property to a named beneficiary without having to create a full-fledged trust. Limitations to a Revocable Transfer on Death Deed There are some limitations associated with transferring real property through this type of deed. For example, the only forms of real property that qualify...

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