Automobiles. Whether you’re a collector or someone who just uses them to get from Point A to Point B, they are a valuable asset. As with all property, cars will be handed down to someone after you pass away. One way to do this is using the Arizona DMV Beneficiary form.
What are beneficiary designations?
You can pass on your property in several ways. Writing a valid Arizona Will is just one way. However, the property that’s passed by your Will has to go through probate before your heirs take possession. A beneficiary designation, on the other hand, transfers property to the beneficiaries almost immediately.
Where can I find the Arizona DMV beneficiary form?
It’s located on the DMV website.
How do I complete the form?
You’ll need the information about the car, including the Vehicle Identification Number, the year, and the make. Example: 26X3679YZA013L, 2008, Ford.
Then list one or more beneficiaries. Note that you must be the only owner of the car, but you can split the interest between several parties. Include the beneficiary’s first, middle, last names, and suffix if any. The date of birth is optional, but legal status is not.
- By ‘legal status’ they mean how the car will be owned if more than one beneficiary is designated. You can choose one of the following:
OR – This creates a joint tenancy where all beneficiaries are named on the title. Transactions involving the vehicle only require the signature of one owner.
AND – This selection creates a tenancy in common. All names appear on the title, but all owners must also sign documents involving the car. The car will have to pass through probate or by filing a Non-Probate Affidavit.
AND/OR – This selection also creates a joint tenancy, but with rights of survivorship. All names will appear on the title with AND/OR between them. Signatures of all parties are required. However, if one party dies, the other party has authority to sign along.
You’ll sign before a notary public OR an MVD agent. This is important. The form will be rejected if it is not properly signed.
Do I need to do anything else?
Staple the form to the current title and take it to an MVD office. After paying the fee, you’ll receive a new title with the beneficiary information listed on it. Keep the new title with your other estate planning documents.
Beneficiary Designations are Just One Part of Your Plan.
Everyone has an estate. Everyone should have a plan for how that estate will be handled after they’re gone.
At the Keystone Law Firm, we help clients answer the question, “What would happen if I didn’t come home today?” Call us at (480) 418-8448 to discuss your concerns with an experienced Arizona lawyer. We also offer free seminars or check out one of our free seminars. We provide estate planning advice for clients throughout Arizona, including Ahwatukee, Chandler, Gilbert, Sun Lakes, Mesa, and Tempe.