Avoiding probate on house. TOD or living trust deed?

[spartana]

Buying a house. Paying cash and want to set it up so my heir (sister - or a charity if she predeceased me) can inherit it without having to go thru probate. All my other assets have her as a named beneficiary with transfer/pay on death so no probate or trust needed for that.

So which would be better - a revocable living trust deed or a Transfer on death deed? Is there any advantage of one over the other? Step up basis or other tax implications, etc? Its a house in SoCal so worth a fairly large amount). TIA

[markbike528CBX]

Our house is the only  major thing not covered by any will, TOD or other transfer mechanism.   

I was thinking that we might suck some value out by reverse mortgage late in life since the house has no sentimental value to the family.
Alternatively sell on transfer to assisted living/nursing home.   
The advantage of a reverse mortgage is that the bank will do the paperwork to deal with the house.

As the house is jointly owned, getting DW on board to actually DO a will is an uphill struggle/dragging through the mud/insert high difficulty metaphor here.
However as she is currently dealing with a possibly dying sibling, maybe we could get it done.   Not like I'm the paragon of virtue here. I've mostly been too lazy.

Mostly PTF.

[MDM]

...it looks like in my simple case doing the Transfer On Death deed would be a MUCH better option.

Yes, because CA is a state that allows transfer on death deeds.  Not all states do.

[Catbert]

TOD is easier and cheaper than doing a whole trust just for one property.   Not sure if you can have an alternate inheritor should your sister predecease you.  However easy to update unless you die together.

[Sibley]

Probably a good idea to run this past a lawyer to make sure you're not missing something.