Committee adopts amendment to extend transfer-on-death deeds to co-ops, holds SB 104 for more research

The Senate Finance Committee took up Senate Bill 104 on Feb. 17 and adopted an amendment to expand Alaska’s transfer-on-death framework to cover certain cooperative-dwelling units.

Senator Scott Kawasaki, the prime sponsor, said SB 104 would extend the Transfer on Death deed concept from real property to vehicles, boats and some manufactured homes licensed by the Division of Motor Vehicles, reducing probate costs and simplifying estates. Senator Kiel moved an amendment to clarify that common-interest communities (co-ops) would be included by placing the language in Alaska’s common interest ownership act so those units would be covered the same way single-family homes and condominiums are.

Committee members asked whether the amendment was narrowly written and whether it tied ownership definitions securely to real property statutes. Senator Kiel said the amendment places the language in Alaska’s common interest ownership act, which defines property for these purposes. After discussion the amendment was adopted without objection.

Following adoption, the committee agreed to hold the bill for additional research and to bring it back for further consideration at a later time. The transcript records no formal roll-call vote on the amendment or on reporting the bill; committee members removed objections and adopted the amendment in open session.