AK HB112

Allows owners of boats and vehicles to obtain a "transfer on death" (TOD) title that automatically transfers to a designated beneficiary upon the owner's death, bypassing probate.

TOD titles must contain the words "transfer on death to" or abbreviation "TOD" followed by the names of no more than two designated beneficiaries and are effective without notice, delivery, or acceptance by the beneficiary.

Owners may revoke or change a TOD title at any time during their lifetime without consent or notice to the beneficiary by transferring the vehicle/boat or filing an application with the Department of Administration.

Designated beneficiaries take title subject to existing liens, encumbrances, and creditor claims; the estate may enforce liability against transferred property if the probate estate is insufficient to pay claims, administrative costs, or statutory allowances to surviving spouses or children within 12 months of death.

Takes effect July 1, 2021, with the Department of Administration authorized to adopt implementing regulations; also permits automatic mailing address updates and allows third parties to act on behalf of surviving spouses in enforcing estate liability against property transferred at death.