Both my wife and I are listed on the title of the cars as the owners. We own the cars outright. Does the ownership of the cars pass to the living person when one of us dies? One of us is going to go whenever. Does one need a death certificate?

Thank you.

 

You should consult an estate attorney, which I am not. That said, I think the answer to your question depends on state law. Here in Colorado, explicit Joint Tenancy with Rights of Survivorship (JTWROS) verbiage is included with both our names on our vehicle titles.

 

I dealt with this with when my dad died and both he and my mom were on the car title. There's a form at the Wisconsin DMV that they will have you fill out that says one of them has died. Can't remember if a death certificate is required or not but that's easy to obtain. Usually you make sure to get a dozen or so when you order them (funeral home did this for us). Then you use that form to get a new title in only the living person's name. It was very simple. If you're immediately selling the car then just fill out the first form and have the surviving owner sign the old title. Hand them both to the new owner and they can take them to the DMV. No money involved for you. That's actually what we did. We were selling my dad's old car.

Edit: Just read Norton's post and realized it depends on state. My example was Wisconsin.

 

As Norton said, state specific. In my state, yes. In Texas???

 

Florida, yes. The title is EWB or PDB Boggs. Either one of us can sell the car.

Elmer

 

In FL if it reads "and" takes both signatures to sell if it reads "or" either one can sell or borrow money on it.I do not think it affects surviorship rights. Check with an estate attorney to be sure for your situation.

 

In NY two names on the title means nothing, either one can sell the car with out the other one's consent. Only one signature required. Been there done that.

 

I'm in Texas. I assume a Death Cert is all ether one of us needs, right?

 

Why would you need a death certificate? As I have stated any one of the two can sign the title and sell the car. Only one signature is valid to get rid of the car, nobody cares where the other signature went. But again, maybe state specific. Well just looking here is your answer:

 

Got it. Thanks.

 

That AND, OR logic applies probably to many states. I know in Wisconsin it does. My parents' title had AND on it.

 

NY has just the two names, one under another. No AND or OR hence why the one signature works.

 

We just dealt with that and if there isn’t a will and one of the spouses die a certain percentage of all assets goes to remaining spouse and children regardless of whose name is on title, property deed etc…

My mom passed in Tx a few months ago without a will and it was a nightmare we are still sorting out. Due to all the issues there we checked here in NC and it’s the same so we printed up wills and went to Notary. Simple will cost $40 for the form, I left everything to my wife and she is leaving everything to me so we printed out 2 wills , took them to the UPS store and had them notarized and they also provided the needed two witnesses. They were actually quite knowledgeable on the process because they do it all the time.

 

Make it simple, establish a trust! Then, everything goes where you want it. That is what we did.

 

I'm single with no wife and kids so I did a TOD on my vehicles which means at the time of my death, the ownership of my vehicles automatically transfers to the person on my title.

 

The AND / OR piece deals with the title simply enough. My wife passed in Jan 22 (California, same AND / OR rules). Our titles are all OR so no issue at all. I sold several vehicles after her death and it's a simple sign off by me and done.

Now, that deals with the disposition of the vehicle pretty easily. You now have cash afterwards that there could be inheritance claims made of as you still have that as an asset.

With husband / wife situations typically the spouse is the direct beneficiary so that is not something typically you have to worry about. But situations vary so it is good to understand that aspect of it.

Additionally you should also consider the scenario of if you and your wife were to pass at the same time. Now you have no title owners that exist and your estate needs to handle it. This is where having a trust (as others mentioned) can be helpful but of course is not required. With a trust the ownership of the vehicles are put in the name of the trust instead of vehicles. You and your wife are trustees while alive and as sick can sign the title to sell (typically requires a single trustee but can be defined). And if you both pass then the surviving trustee has the power to dispose of those assets pretty simply following the trust instructions.

My wife and I have a trust and our real estate is in the trust. We never moved our cars to the trust but in hindsight I probably should have.

I'm not a taser but I play one on the internet. It is something to discuss with an estate attorney and based on my personal experience is a wise thing to do and not everyone likes to discuss / do. Take that time now that you're thinking about this, you never know.

 

Ive worked at an investment firm for decades. My advice is to get a will even if you dont have kids. Estate laws differ by region and there is always the potential for some issues (you dont know what you dont know).

Wills are inexpensive. And trust me....the worst time to face those issues is just after a loved one died.

 

Agree with the above. My wife and I did not have kids, that shouldn't be a factor in making decisions about this stuff wither. Anytime you have some moderate levels of assets it's worth it.

It is actually fairly simple and inexpensive to do a will / trust properly. They can get a little more expensive of course the more complex your affairs are.

Ours was not hugely complex but not simple either, paid around $1200 for it all.

And really with my wife passing it really didn't come into play since I'm the direct beneficiary of everything we have. But it did make a few things simpler and it's one less thing I have to worry about now that she is gone. Plus I knew and understood her wishes for a lot of things which is very important.

 

^^^
Sorry for your loss. You are 100% correct. Its about your loved ones wishes. And having it legal and transparent is meaningful. e.g. burial vs cremation as other family members will impose their position.

I didnt intend for this to go off topic. Im just passionate about this subject based on my professional and personal experience.

 

As I'm sure has been said, it depends entirely on your state law. Talk with your attorney to be sure.