I have recently raised this question here at DP and also sent in an email request to do the same to google adsense support. Finally they asked me 4 questions related to my existing adsense account and changed the payee name to my wife's name. It was that simple. You can actually request to change payee name to anyone and that is the impression i got from my conversation with google adsense support. Thanks link dev
We are living together and she is now in a position to take care of web properties fulltime by starting an LLC. That was the reason why i had to go for changing the payeename. There is another option too but requires me to physically change all html pages and put her adsense code by removing mine, provided she got an approval for adsense account.