Originally published by Rania Combs.
The Texas Transfer on Death Deed allows owners of real estate to transfer their property to beneficiaries outside the probate process. The Deed works like a beneficiary designation on an insurance policy or retirement plan. It allows you to name a beneficiary who will inherit your real property after you die.
The fact that there is a means of transferring real property to beneficiaries without probate has prompted many questions about whether a similar procedure exists for transferring a vehicle. Although the Texas Affidavit of Heirship for Motor Vehicles allows you to pass your vehicle to your legal heirs without probate, it’s sometimes impractical because your legal heirs, those who are entitled to inherit from you under the state’s intestacy statutes, may not be the one who you wish to inherit your vehicle.
The Texas Application for Certificate of Title Form 2307 (pdf) allows spouses to create a right of survivorship. By signing at the bottom of the page, spouses can agree that the ownership of the vehicle described in the title shall from that day forward be held jointly, and in the event one spouse dies, the ownership of the vehicle will vest in the surviving spouse.
But what if you wish to transfer your vehicle to someone who is not your spouse? There is a form for that as well.
Texas Form VTR-122 (pdf) is a form to create a right of survivorship ownership agreement for a motor vehicle. If one or more persons who complete the rights of survivorship agreement die, ownership would transfer to the other person or persons who signed the agreement.
Both state forms contain detailed instructions on instructions on how to complete and use the form.
Curated by Texas Bar Today. Follow us on Twitter @texasbartoday.
from Texas Bar Today http://ift.tt/2lqV0a5
via Abogado Aly Website
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