by Marian C. Abram
So, you own a car or truck and want your favorite nephew to get it when you are gone. You could place your nephew on the title to the vehicle now – “You AND Your Nephew”, but that may not be possible (or advisable) if the title is held with the car loan creditor. You could mention the vehicle in your will, i.e., “The 1975 Black Cadillac Sedan to my favorite nephew.”, but if your estate is valued high enough, then the transfer must be done through probate.
If your estate is not valued sufficiently high to require probate, the answer has been to your nephew to present an affidavit to the Motor Vehicles Division under Arizona statute 14-3971. However, this provision limits the value of all personal property to $50,000. So if your savings and checking account are also given to the nephew and the value of the accounts and the Cadillac is greater than $50,000, your estate must be administered through the probate court.
Now, there is a new statutory solution available. Under Arizona statute 28-2055, you are able to complete a beneficiary form and attach it to the original title in your possession. Then, when you are gone, your favorite nephew need only present the title with the attached form and an original death certificate to the Motor Vehicles Division to transfer ownership without going through probate and without being subject to the $50,000 limit.
This strategy may not be for everyone, however, so please contact Marian Abram or Elizabeth Spilotro at Karp & Weiss to see which option is best for you and your favorite nephew.
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