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A Transfer on Death (TOD) beneficiary is a simple way to transfer ownership of a vehicle after the titled owner has died. By naming a TOD beneficiary on your car title application, you will avoid the need for the vehicle to go through probate.

Using a Transfer on Death designation the owner of a vehicle may designate one or more beneficiaries to receive the property upon the death of all listed owners. A transfer on death beneficiary may be placed on a motor vehicle that is individually owned or one that is jointly owned. In the case of a jointly owned vehicle the beneficiaries do not take ownership until after all listed current owners have died. It is important to note, that the beneficiaries hold no rights of ownership while the current owner or owners are alive.

For the beneficiaries to obtain title to a motor vehicle, trailer, manufactured home, vessel (watercraft), or outboard motor, the beneficiaries must submit a completed and signed application for title, proof of death of all owners, the existing certificate of title designating the TOD beneficiary and the appropriate title and processing/agent fee. The beneficiary or beneficiaries interest in the property will be subject to any contract for sale, assignment of ownership or security interest (lien).

In Missouri, the transfer on death designation takes precedent over a will or trust document and cannot be changed or revoked by a will, other written document or a change in the owners situation. The only way to change the beneficiaries or revoke the designation is by the sale of the property with proper assignment and delivery of the certificate of ownership to another person; or by filing a new application with updated beneficiaries or no designation of beneficiaries.

To learn how a transfer on death designation for your motor vehicle fits into your overall estate plan, call our Overland Park, Kansas office today at (913) 663-3159 or contact us online.