You Can Now List a Beneficiary For Your Boat or Car
Recently, Minnesota passed a new law that permits individuals to list a beneficiary on their motor vehicle.
This would include a car, boat or any vehicle registered with the Department of Motor Vehicles.
This is beneficial because listing a beneficiary on your motor vehicles makes it less likely your vehicle will trigger a probate at your death.
The designation could also be changed at any time without the beneficiary’s consent. The beneficiary would have no interest in the vehicle until the owner of the vehicle passed away. To change the beneficiary a vehicle owner would just need to fill out a new application.
In order to transfer the car at the vehicle owner’s death the beneficiary would bring a death certificate to the DMV.
If for some reason the beneficiary dies before the owner of the car, the vehicle could become part of the probate estate. As a result, it is good to periodically review beneficiary designations. This will make sure they are up to date and in line with the owner’s wishes.