Q: Is TOD for car in CT a suitable approach to avoid probate?
I am 85 years old and live in Connecticut. I have a car with a $10,000 balance and some furniture, which I plan to donate to Vietnam Veterans. I have a will, and I want to ensure my estate avoids probate for my children's sake. I'm considering a Transfer on Death (TOD) to my grandson for my car. I have credit card debt, which will be settled with my insurance policies after my passing. Is using a TOD for my car a suitable approach given my situation?
A: Designating a beneficiary for your car will keep it out of probate. DMV has a form you can attach to your registration. If you search CT DMV beneficiary designation, you should find that form. But you should know that having a will does not take your estate out of probate. Your will is your written instructions to the probate regarding how you want your estate distributed.
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