AK HB81

Allows owners of boats and vehicles to designate one or two beneficiaries to receive the title upon the owner's death through a "transfer on death" (TOD) title obtained from the Department of Administration.

TOD title transfers automatically to the designated beneficiary when the sole owner or last surviving joint owner dies, provided the beneficiary survives the owner by 120 hours, without requiring probate.

Owners may revoke or change designated beneficiaries at any time during their lifetime by either transferring the property to another person or filing an application with the department.

A designated beneficiary receives the title subject to any existing liens, encumbrances, and creditor claims against the owner's estate; the estate may enforce liability against transferred property if the probate estate is insufficient to satisfy claims and administration costs.

The effective date is July 1, 2024, except for the section authorizing the Department of Administration to adopt implementing regulations, which takes effect immediately.