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May now designate a transfer on death
- TRENTON – The New Jersey Motor Vehicle Commission (NJMVC) today announced that registered owners of a motor vehicle may now designate a transfer on death (TOD) beneficiary to receive ownership of the vehicle upon the death of the last surviving owner.
May 1, 2024 · A Transfer on Death (TOD) provision allows the owner of an asset to name a beneficiary who will inherit the asset upon the owner's death, bypassing the probate process. The asset can range from financial accounts, such as a bank account or stock portfolio, to physical assets like a car.
Jun 27, 2024 · N.J.S.A. 39:3-30.1b, which became effective on May 9, 2023, authorizes the owner of a car, camper, or motorcycle titled in New Jersey to designate a beneficiary to receive the vehicle upon the owner’s death. This law does not apply to boats.
May 19, 2023 · An individual whose car is titled in New Jersey may designate a beneficiary to receive ownership of the vehicle upon their death. A completed TOD form should be held by the owner and...
By completing the Transfer on Death Beneficiary Designation form, an individual whose motor vehicle is titled in New Jersey may designate a beneficiary to receive ownership of the vehicle upon their death, subject to the rights of all lien holders.
An individual whose motor vehicle is titled in New Jersey, may designate a beneficiary to receive ownership of a vehicle upon their death. The vehicle will not be considered part of the estate and therefore no letters of administration are required for transfer.
An individual whose motor vehicle is titled in New Jersey may designate a beneficiary to receive ownership of a vehicle upon their death. The vehicle will not be considered part of the estate and therefore no letters of administration are required for transfer.
People also ask
Can a New Jersey owner designate a transfer on death beneficiary?
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What is a transfer on death beneficiary designation?
What is a transfer on Death (Tod) provision in New Jersey?
May 18, 2023 · By completing the Transfer on Death Beneficiary Designation form, an individual whose motor vehicle is titled in New Jersey may designate a beneficiary to receive ownership of the vehicle upon their death, subject to the rights of all lien holders.
