Thank you all for the incredible outpouring of support towards me and my family. I will rest easy know what a great group of friends i have made over these 20 years or so.
I have a question regarding the transfer of title of the road runner to my wife's name.
Right now the car is in my name only and what is the best way to put to put it her name name only from now on.
Do i "gift" it or "sell" it at a very low low price or ??? I wan to make it as easy as possible for her is my goal. She had an appointment next month at the DMV.
Thank you for any ideas. Stu
I wouldn't think you have to do anything at all. On your passing it goes to her since she is your wife. State law is going to be very clear on that. If you wanted to be extra sure you could add her to the title now but I wouldn't think that was even required unless she is planning to sell the car immediately. You can also file a will and make it very clear that your wife gets the car but even without a will she would get it since everything goes to your spouse unless stated otherwise.
Same thing with bank accounts and stuff like that. You can add her to all of your accounts so she has access now, but if you don't everything will transfer. The only issue with bank accounts is it can take some time for the paperwork to all get thru the system so your wife needs to have access to some funds in order to pay bills.
For any retirement accounts (401K or IRA) you can name a beneficiary on the account and then it skips the whole process. These days everyone has lots of accounts and passwords and monthly charges that are hard to shut off and all sorts of stuff like that. I've had a few close friends pass away recently and their wives all had some issues with passwords and account access and stuff like that.
