(a) A beneficiary is not liable under Section 5672 if proceedings for the administration of the transferor‘s estate are commenced and the beneficiary satisfies the requirements of Section 5677 or 5678.

(b) The personal liability of a beneficiary under Section 5672 shall not exceed the fair market value at the time of the transferor’s death of the property received by the beneficiary pursuant to the revocable transfer on death deed, less the amount of any liens and encumbrances on the property at that time.

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Terms Used In California Probate Code 5674

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Beneficiary: means a person to whom a donative transfer of property is made or that person's successor in interest, and:

    California Probate Code 24

  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Property: means anything that may be the subject of ownership and includes both real and personal property and any interest therein. See California Probate Code 62
  • Transferor: means the testator, settlor, grantor, owner, or other person who executes an instrument. See California Probate Code 81

(Amended by Stats. 2021, Ch. 215, Sec. 19. (SB 315) Effective January 1, 2022. Repealed as of January 1, 2032, pursuant to Section 5600.)

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