Does Georgia Allow Transfer-On-Death Registrations?
Do you have a motor vehicle, or multiple vehicles, that you want to be able to leave to loved ones in Georgia? You might be wondering if you can use something known as a transfer-on-death registration, which allows people in certain states to designate a beneficiary to whom vehicle ownership should transfer upon the death of the owner. However, Georgia does not currently have transfer-on-death registrations. Our Norcross estate planning lawyer can tell you about the options that may be available to you in your estate planning process.
No Transfer-On-Death Vehicle Registration Option in Georgia
Some states allow individuals to create transfer-on-death vehicle registrations so that a motor vehicle automatically transfers to the designated beneficiary upon the original owner’s death. This is not, unfortunately, an option for transferring motor vehicles in Georgia.
In order to transfer a motor vehicle to a beneficiary, you have a few different options in Georgia. You can leave a motor vehicle to a beneficiary through a will, or you can place the vehicle into a trust (such as a revocable living trust) and designate a beneficiary to whom the vehicle should be distributed upon your death. Generally, our office does not recommend placing your vehicle in the name of your revoable living trust. If you want to co-own the vehicle in the present, you can also name the beneficiary as a co-owner, and that person will become the sole owner upon your death.
When a loved one passes away in Georgia and leaves a vehicle behind, the transfer process is fortunately straightforward in most cases — especially when the estate does not require probate or the vehicle is specifically inherited under a Will or estate plan. To transfer title, the heir must complete the Affidavit to Certify Immediate Family Member Inheritance (T-20 form) and the Application for Title/Tag (MV-1 form). These documents, along with a copy of the death certificate and the original title (if available), are submitted to the county tag office. If the vehicle was titled solely in the deceased person’s name and there is no probate, the T-20 form allows the surviving spouse or certain family members to claim the vehicle without court involvement. If probate has been opened, the personal representative will sign the MV-1 and provide Letters Testamentary or Administration instead. Once processed, the heir will receive a new title in their name. Always confirm identification requirements and applicable fees with your local tag office, and consult with an estate planning attorney if there are multiple heirs or uncertainty about who is entitled to the vehicle.
Georgia Does Allow Other Types of Transfer-On-Death Options
Although Georgia does not allow you to transfer ownership of your motor vehicles through transfer-on-death registrations as other states do, it does allow other kinds of “on death” transfers. Quite recently, Georgia law changed to allow for transfer-on-death deeds. These deeds allow you to name a beneficiary to whom your real property (such as your house) can be transferred directly upon your death.
In addition to newly permitting transfer-on-death deeds for real estate in Georgia, residents of Gwinnett County with bank accounts can create transfer-on-death designations. For most types of bank accounts, you can designate a beneficiary in a transfer-on-death designation. This does not mean that the beneficiary will have access to your accounts; the accounts will remain yours (and the beneficiary will not have any ownership of the accounts) until your death. Upon your death, the assets in the bank accounts will transfer to the ownership of the designated beneficiary.
You can also name beneficiaries on insurance policies, and on some types of pensions or retirement funds. The designated beneficiary will become the owner, or will be paid out, upon your death.
Contact a Gwinnett County Estate Planning Lawyer
If you have questions about your options for leaving a car or truck to a loved one after your death, or options for leaving any other tangible or intangible property, an experienced Gwinnett County estate planning attorney at Bowman Law Firm can help. We can speak with you more about drafting a will, creating a revocable living trust, and designating beneficiaries for real estate, insurance, and on bank accounts. Do not hesitate to get in touch with us to find out more about how we can assist you.
Source:
law.justia.com/codes/georgia/title-53/
