Originally Posted by MidPenMopar
Originally Posted by 70sixpkRT
Do you have a will or living trust? Have her inherit the car. Or can you change the registration to include "and/or"?


Yes we do have an appointment to get a simple living well set up cause all i own will go straight to sally in the end. Our guy is $400 an hour so i was hoping to do anything we can as cheap are possible.
Stu


You probably don't even need a will since everything will go to your wife but it could be worth the money just to go over it all with a lawyer. If you make a list of all of your possessions and then double check to see who is listed as the official owner it will make the task much easier. As stated before, lots of items can be owned jointly and/or you can name a beneficiary on the account.

There is a potential tax issue that might be worth exploring more since I don't know the answer. Typically an asset is stepped up to the current value on inheritance so it might be better for your wife to inherit the car rather than be a joint owner. I'm not 100% sure this is true in CA but it could be a big difference in taxes when the car is sold so you should make at least a phone call to a tax person. If you bought the car for $10,000 and it is now worth $50,000 then it would be better for her to inherit it. If the numbers aren't big then don't worry about it since I'm sure you have better things to do with your time.