4.8 • 3.6K Ratings
🗓️ 3 January 2025
⏱️ 7 minutes
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0:00.0 | This episode is sponsored by SmartVester. Connect with an investing pro for free at ramsysolutions.com |
0:10.6 | slash invest. |
0:14.6 | You're listening to Ramsey Everyday Millionaires, where we talk investing, retirement, building wealth, and outrageous generosity. |
0:22.7 | Melinda is with us. Melinda is in Spokane. Hi, Melinda. How are you? Hi, I'm healthy and well. |
0:29.5 | Thank you. Good. How can we help? I am. My question, it's about estate and inheritance. |
0:38.6 | We, on our property, we, I call her my mother in love. |
0:44.4 | Someone she put an ADU manufactured home on our property and we love her and she wants to leave that home to my daughters, young adult daughters, eventually. |
1:00.1 | And it has a DMV title. |
1:03.9 | And looking into she wants it to just be a very simple probate avoiding kind of a thing. |
1:10.3 | So if she adds the girl's names to the title, |
1:15.6 | I just want to make sure that there's no unintended consequences. Would she lose her |
1:22.9 | homeowner's exemption? Is there any risk to adding names to the title ahead of time? |
1:30.3 | I don't know because I don't know the law in the state of Washington, and that's what you'd need to find out. |
1:37.3 | I'm not worried about the insurance, but because this is a DMV title, a Department of Motor Vehicles title, |
1:45.9 | it's more like a car we're dealing with the title than we are a house. |
1:51.8 | And so, and car titles are sometimes dramatically different |
1:57.8 | from state to state as to how they're handled. |
2:00.6 | What I would tell you to investigate with the DMV is, is there a mechanism there in the state of |
2:10.4 | Washington that allows a POD paid on death is what that stands for? |
2:17.6 | And so you could put it, you could put it, it's almost like the beneficiary of a policy |
2:21.8 | that, can you put that upon death, this transfers to your daughter automatically. |
2:31.4 | And it may be, it may be. |
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