Transfer Vehicle with Transfer-on-Death Form
A recent 2016 change to the Oklahoma statutes allows you to transfer title to your vehicle with a transfer-on-death notice.
IntroductionOften clients do not want to go through the expense and inconvenience of transferring their vehicle titles to their trusts. For those of you who feel this way, you will be happy to know that in 2016, the Oklahoma legislature passed a revision to the Oklahoma Statutes authorizing the transfer of title for a motor vehicle on a transfer-on-death form 771.
Statutory citationsThis law can be found at 2018 Oklahoma Statutes, Title 47. Motor Vehicles, Section 47-1107.5 (47 OK Stat § 47-1107.5 (2018)). The form can be located at https://www.ok.gov/tax/documents/771.pdf.
Statutory requirements to transfer titleIf the title of the motor vehicle is not subject to a lien or other encumbrance, it may be transferred on a transfer-on-death form by filing with the Tax Commission the written notice of transfer signed by the transferor (the “owner”) and designating the transferee (the beneficiary to whom the vehicle is to be transferred). Such notice shall transfer ownership of the vehicle to the transferee upon the death of the transferor. The notice form shall include the following:
1. The vehicle identification number of the vehicle;
2. The number of the license plate issued to the vehicle, if any;
3. The full name and address of the transferor;
4. The full name and address of the transferee; and
5. The signature of the transferor. The signature or consent of or notice to the transferee is not required.
B. This transfer may be revoked or changed at any time prior to the death of the transferor by filing an amended notice with the Tax Commission.
How to claim titleWhen the transferor dies, the transferee must “accept” the certificate of title for the motor vehicle by signing the form on the reverse side. The designated transferee must verify the death of the transferor owner and submit it to the Tax Commission with a copy of the transferor’s death certificate, preferably a certified original.
Once the transfer is completed, the Commission will issue a new title reflecting the transfer of ownership.
ConclusionIf you have any questions about when and how to use a TOD Notice, or want to know more about the process, please feel free to contact our office at 405-408-7792 or contact me at [email protected] for further assistance.