How in the world do you add a beneficiary to your home and auto, you might be asking? Well, the answer might surprise you as many people do not even know this possibility exists and it’s quite easy to do! To add a beneficiary to your vehicle, at least in Texas, all you need to do is fill out a couple forms and file them with the Department of Motor Vehicles (DMV). You can find the full instructions HERE, but the gist of it is you complete the Beneficiary Designation for a Motor Vehicle (VTR-121), then the Application for Texas Title and/or Registration form (130-U), which will reissue the title with the beneficiary’s name on it and add the beneficiary to the DMV database, and submit them both to the DMV. Voilà, you now have set up your vehicle to bypass probate and transfer directly to your beneficiary.
Surprise, you can do something very similar with your home or real estate. Adding a beneficiary and bypassing probate is done by adding a Transfer on Death Deed. TexasLawHelp.org has put together a toolkit to walk you through the process and tells you everything you need to know. You can even find their frequently asked questions HERE. In short, you will obtain a copy of your current deed from the county clerk. Then, you fill out the necessary forms, having legal assistance to help you fill it out is highly recommended. Next, have the documents notarized and file them with the county clerk. Tada, you’ve done it again! You’ve bypassed probate and allowed your home and real estate to directly transfer to your beneficiary.
These are the kind of things our Lockheed Martin specialists can share with you when you do your comprehensive financial planning through us! We’re not just experts on your benefits but in every area of planning. Give us a call today at 817-210-3444 or click HERE to book a complimentary consultation!
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Be sure and check back next week for more incredibly valuable information. Cheers!
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Lockheed Martin Retirement Specialist is not an official title or professional designation nor is it conferred by Lockheed Martin on any individual or company.
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