Taxation & Estate Planning

Cars and Beneficiary Designations

By Joel A. Schoenmeyer

My vote for the most annoying Illinois law is this one, which requires car dealerships to be closed on Sundays. (It should be called "The Lazy Car Salesman Act.")

To be fair, Illinois legislators have finally done something sensible in the motor vehicle area. And it relates to probate! It's Public Act 95-0784 (to be found here), adds the following language to the Illinois Vehicle Code:

The Secretary of State shall designate on the prescribed application form a space where the owner of a vehicle may designate a beneficiary, to whom ownership of the vehicle shall pass in the event of the owner's death.

In other words, you will soon be able to designate a beneficiary for your car, to become owner upon your death. The designation will appear on the Certificate of Title (and, hopefully, will have to be notarized).

This Public Act becomes effective 1/1/09.

Full post as published by Death and Taxes Blog on December 01, 2008 (boomark / email).