How best to transfer assets upon death?

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How best to transfer assets upon death?

My girlfriend and I bought a vehicle together and also opened a bank account to keep money for travel and maintenance. We want to exclude these assets from our estates and grant ownership to the other upon death. Would you suggest just a memorandum of understanding or do you recommend we do an LLC for this?

Asked on November 18, 2016 under Business Law, Ohio

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

If you are both on the vehicle's title, then when one passes, it becomes the other's automatically, as the surviving co-owner or title holder.
Similarly, if it is a joint bank account with right of survivorship, when one passes, it automatically becomes the other's.
Joint ownership of assets is therefore the way to have assets go directly to a person on the other's death.


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