Three different ways that you may title a motor vehicle

There are three different ways that you may title a motor vehicle.

Individual or Sole Ownership
The primary benefit of titling the ownership of a motor vehicle in just one person’s name (Individual) is that you alone dictate the legal aspects of ownership (buy, sell, trade, etc.) You and you alone must sign documents to purchase/trade/sell the vehicle. No other person is required to sign any documents.

Estate Issues
In the event of a person’s death, a motor vehicle (Sole Owner) becomes part of that person’s estate. Depending upon the person’s estate status, the vehicle cannot be sold/traded until the estate has been probated, and the administrator/executor would be the party responsible for disposing of the vehicle. An original copy of the decedent’s death certificate is required to sell/trade the vehicle.


Joint (or Joint Tenancy with Right of Survivorship – JTWROS)
The primary benefit of Joint ownership is that both individuals agree to ownership. Both persons must sign documents to buy/sell/trade the vehicle.

Estate Issues
The primary benefit of JTWROS ownership is that in the event of the death of one of the two owners, the other owner may sell/trade the vehicle OUTSIDE the estate of the decedent (deceased). An original copy of the decedent’s death certificate is required to sell/trade the vehicle.

Trust
A motor vehicle may be titled in the name of a Trust, and usually only one of the Trustees signatures is needed to buy/sell/trade. Most financial institutions will NOT allow a lien (loan) on a motor vehicle owned in the name of a trust.

Estate Issues
The primary benefit of TRUST ownership is that either of the Trustees may sell/trade the vehicle at any time. (Only one Trustee’s signature needed.) In the event of the death of either of the Trustees, the other Trustee may sell/trade the vehicle at their discretion.