Form VTR-122. Rights of Survivorship Ownership Agreement for a Motor Vehicle

The VTR-122 form, also known as the Rights of Survivorship Ownership Agreement for a Motor Vehicle, is a legal document used by the Texas Department of Motor Vehicles. The main purpose of this form is to establish ownership rights and designate beneficiaries in the event of the death of one of the registered owners of a motor vehicle.

The form consists of several important fields that must be filled out accurately, including the names and addresses of all registered owners, the make and model of the vehicle, and the name(s) of the designated beneficiary(ies). It is crucial to ensure that all information provided is correct and up-to-date as any errors or omissions may result in delays or complications in the transfer of ownership.

The parties involved in this form are the registered owner(s) of the motor vehicle and the designated beneficiary(ies).

When filling out the form, data required includes personal information of the registered owners and beneficiaries, and the details of the motor vehicle. Additionally, a copy of the current registration receipt, title or other proof of ownership must be attached when submitting the form.

Application examples and practice cases of this form include married couples who wish to ensure that their surviving spouse will inherit the vehicle in the event of their death, or parents who want to designate their child as the beneficiary of a vehicle they co-own.

Strengths of this form include providing clarity and protection for both the registered owners and the designated beneficiaries. Weaknesses may include potential errors or omissions in the form, which can cause delays or complications in the transfer of ownership.

Alternative forms or analogues to the VTR-122 form include joint tenancy agreements, transfer on death (TOD) forms, or living trusts. The differences between these forms lie in the nuances of each type of ownership agreement and the specific requirements for transferring ownership.

Filling out the VTR-122 form affects the future of the participants by ensuring that their wishes regarding the ownership and transfer of their motor vehicle are respected and upheld.

The form can be submitted in person or by mail to the Texas Department of Motor Vehicles, and once processed, it will be stored as part of the official record for the vehicle.