Legal Question in Wills and Trusts in New York

Re: vehicle transfer

You can make instructions and arrangements in your will for transfer of the vehicles, you can sign them over now if you wish but the bottom line is that the bank will not repossess or foreclose on the vehicles so long as the loans are being paid. However, you should understand that if you were to die without provisions made in your will the vehicles would become a part of your estate and therefore they could not be transferred to your fiancee,if you were to die prior to marriage.

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Re: vehicle transfer

I generally agree with Stephen, but have another suggestion. Put both names on the title now (see caution below), as well as cover this in your Will. If your life insurance has a beneficiary named, other than your fiance, you might have to change the beneficiary designation, to allow a portion of the proceeds to be used to pay the auto loans. This would require that you sign a new beneficiary designation and get it to your insurer. Your agent should be able to help you. Caution: With the title in your own name, you own the vehicles. If there were to be a default in payment in the loans by him, you have primary liability for paying the balance. The ownership of the vehicles gives you some control on what to do if this happens. Putting his name on title before the loans are paid off creates an exposure to you, in that you would have to pay the loans, and he would have co-ownership of the vehicles which could limit you on how to handle a default, if he refuses to cooperate on your decision. This could become messy if the relationship ended. This is a response to an Internet question and the reply is not intended to be legal advice or as creating an attorney-client relationship.