Bill > SB104

This bill establishes a new legal mechanism for transferring vehicle and boat titles upon the death of an owner, called a "transfer on death (TOD)" title. The bill allows vehicle and boat owners to designate one or two beneficiaries who will automatically receive the title to their vehicle or boat upon the owner's death, without going through probate court. Owners can apply for a TOD title by submitting an application to the Department of Administration, paying a fee, and listing their chosen beneficiary or beneficiaries. The transfer is effective without requiring acceptance by the beneficiary and can be revoked or changed by the owner at any time during their lifetime. The beneficiary takes the title subject to any existing liens, encumbrances, or creditor claims, and the owner's estate can potentially seek to use the transferred vehicle or boat to satisfy outstanding debts if the probate estate is insufficient. The new law includes detailed provisions about how the transfer works, including requirements for proof of the owner's death, how titles are issued to multiple beneficiaries, and protections for the rights of owners, beneficiaries, and creditors. The bill amends several existing statutes to incorporate these new transfer provisions and will take effect on July 1, 2025, with some immediate regulatory preparation allowed.

Budget and Finance, Transportation and Infrastructure

https://www.akleg.gov/basis/Bill/Detail/34?Root=SB104