A Motor Vehicle Beneficiary Designation is a form that you can complete, provided by the Arizona Department of Motor Vehicle, that allows you to designate the person or persons you want to inherit your vehicle upon your passing.
There are several benefits to completing a Motor Vehicle Beneficiary Designation:
- It can cause your estate to avoid probate. Often times our vehicle is the last major asset that we own as we get older. With the completion of an MVD Beneficiary form, if your car is your major asset, you can keep your estate out of probate by completing one.
- Cars depreciate in value quickly and often require maintenance. With a transfer-on-death beneficiary in place, the vehicle will be transferred to the beneficiary immediately, allowing them to use it after your death. This will prevent the car from sitting around and losing value during probate.
- Having a Motor Vehicle Beneficiary will make changing title relatively painless (we all hate the MVD lines). All you have to do is take the original title with the original completed and notarized MVD Beneficiary form to the MVD and they will change the titled to the new owner, it’s literally that easy.
Preparing a Motor Vehicle Beneficiary is simple and quick.
You can click the link here CLICK HERE FOR MVD BENEFICIARY FORM to fill out the form and then you’ll need to sign in front of a notary.
REMINDER: Don’t forget to upgrade to an Arizona Travel ID
before October 1, 2020!
Effective October 1, 2020, you will be required to show a valid Travel ID (driver license or ID card) at TSA security checkpoints in airports. You will not be able to fly without it! Updating your current Arizona license or ID to a valid Travel ID is easy and only costs $25. The AZ Department of Transportation has outlined the entire process here.
Get your ID updated early so you don’t get caught in long MVD lines or airport security delays.
January is almost over and we are moving into February, keep true to your New Year’s resolutions and call the attorneys at OWENS & PERKINS at 480.630.2464 to schedule your FREE 30 minute consultation to create or update your Estate Plan and we’ll make sure to include a Motor Vehicle Beneficiary Designation for each of your vehicles.