Bill > HB18

This bill establishes a new legal mechanism called "transfer on death title" for boats and vehicles in Alaska, allowing owners to designate one or two beneficiaries who will automatically receive the title to their boat or vehicle upon the owner's death, without going through probate. The bill enables vehicle and boat owners to file a special application with the Department of Administration to create a transfer on death (TOD) title, which will be noted on the certificate of title with "transfer on death to" or "TOD" followed by the beneficiary's name. The transfer becomes effective immediately upon the owner's death, provided the beneficiary survives the owner by at least 120 hours, and occurs without requiring the beneficiary's consent or involving any consideration. Importantly, the owner can revoke or change the beneficiary designation at any time without notifying the designated beneficiary, and the transfer does not affect the owner's current rights to sell, transfer, or encumber the vehicle or boat during their lifetime. The bill also specifies that the transfer is subject to existing liens, encumbrances, and potential creditor claims, and provides a 12-month window for the owner's estate to potentially enforce claims against the transferred vehicle or boat if the probate estate is insufficient to satisfy existing obligations. The new law will take effect on July 1, 2025, and applies to both vehicles and boats titled in Alaska.

Transportation and Infrastructure

https://www.akleg.gov/basis/Bill/Detail/34?Root=HB18