CA AB724

Creates a revocable transfer on death (TOD) deed allowing real property to transfer to named beneficiaries upon owner's death without probate proceedings, effective until January 1, 2015.

Requires TOD deed to be signed, dated, notarized, and recorded within 60 days of execution; transferor must have testamentary capacity; deed remains revocable during transferor's lifetime and does not affect ownership rights or Medi-Cal eligibility.

Voids TOD deed if property is held in joint tenancy or community property with right of survivorship at time of transferor's death; establishes beneficiary liability for transferor's debts and creditor claim priorities.

Expands definition of "interest" and "nonprobate transfer" in probate law to include TOD deeds and specifies that persons who kill decedents cannot inherit through nonprobate transfers including TOD deeds.

Requires California Law Revision Commission to study the revocable TOD deed's effectiveness and report findings to Legislature by January 1, 2014.