How best to transfer assets upon death?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
How best to transfer assets upon death?
My girlfriend and I bought a vehicle together and also opened a bank account to keep money for travel and maintenance. We want to exclude these assets from our estates and grant ownership to the other upon death. Would you suggest just a memorandum of understanding or do you recommend we do an LLC for this?
Asked on November 18, 2016 under Business Law, Ohio
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
If you are both on the vehicle's title, then when one passes, it becomes the other's automatically, as the surviving co-owner or title holder.
Similarly, if it is a joint bank account with right of survivorship, when one passes, it automatically becomes the other's.
Joint ownership of assets is therefore the way to have assets go directly to a person on the other's death.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.