inheritance

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inheritance

My terminally ill life partner is leaving me all of his belongings this is noted in his will. Would it be better to have him sign the title to his vehicles over to me now or hold off and transfer the titles after he expires?

Asked on August 20, 2018 under Estate Planning, New Jersey

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

I am so sorry for the situation.  I strongly suggest that you sek legal help with this matter ASAP.  From an attorney in your area.  If you partner is terminally ill you need to make sure this is all done while he or she is still legally competant so that no one can contest anything.  That being said, transferring property can have tax ramifications if they are considered gifts where as inheritance the estate pays the taxes, if any.  Adding names to title with rights of survivorship is a way to estate plan but the laws as to same differ state to state.  Have witnesses to EVERYTHING you do.  Good luck.


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