Estate planning with cars

[BillD]

I have been thinking about this for a while, but the unfortunate and untimely passing of Pantera has brought this to the forefront. What is the best way to arrange for the disposition of cars after your death? First of all, I have children however none of the kids have any interest in the cars. So the easy answer of giving the cars to the kids does not apply. The cars would have to be disposed of. My question is what (if anything?)can be put in place in you will to assure that your estate gets a fair price for the cars? I really don't care how much money the cars bring, but I do want to prevent someone from deliberately taking advantage of the situation and in effect legally stealing the cars by paying too little.

[SS427]

Bill,
Certainly no expert on this nor have I had to encounter it but I know from experience you can write what ever you want in a will. Make an entry that all cars shall be sold on ebay or auction with a minimum bid of $xxxxx to be paid to the estate. You might also want to donate them to a worthy cause, collection, museum, etc. Just a thought.
Rick

[Chevy454]

Lots of variables here...like, how is the property deeded/titled? Are they and/or or is their an "at time of death" notation?? You really need a trust of some kind set up before hand, 'cause a will isn't binding (until a judge says so after the fact) and the estate is still gonna have to be probated...if there is a will, then the judge will determine if the will was done in good faith, in their right mind, etc, or even *which* of the wills to go by, and who will execute the estate...but, the judge doesn't *have* to go by this protocol, and can represent the estate himself if need be.

[budnate]

the wife is in charge of my stuff,I told here to have the stuff appraised and also contact a couple close friends to check for fair market value if she needed to sell anything.

now if we both get it at the same time, thats a different story, the kids are sharp enough to either keep the stuff or get rid of it,

Bill in this day and age I bet your kids or anyone for that matter could figure out online pretty quick what your stuff is worth within a few bucks one way or the other.

for what its worth there are a few good self help books on how to set up a will and have it be legal and binding,we went that route and had it notarized and locked up. took a few days of talking about what we wanted to happen and a hour to write it up and go get it notarized.


honestly it takes very little time to jot down your wishes and have it notarized and put away, some legal mumbo jumbo from the book helps they say but not necessary.

I witnessed a horrible mess as a kid when Grandpa passed with no will, greed soon takes over no matter how great the poeple are, really sad to watch.

[Stefano]

The Executor of the Estate should handle/oversee the disposition of all assets and can be carefully picked ahead of time and not just left up to the court's discretion.

[Chevy454]

Depends, Bud...even a notarized will isn't binding until a judge says so *after your death*, and that means probate court...99% of the time, if the judge feels he's looking at the original, uncontested will, then it's smooth sailing...but it can get ugly, and then things get dicey (think Anna Nicole Smith), and all it takes is one p!ssed off heir to gum it all up. And deeds & titles are heaviliy dependant on how they're filed...if it's "Joe Smith and Nancy Smith", that more than likely means probate court if Joe or Nancy dies, unless you forge their name after the fact. Some states have gone away from "and" on their titles, but some have "or" listed, and still others have "at time of death"...confused yet?! http://www.yenko.net/ubbthreads/images/graemlins/grin.gif

[Chevy454]

Stefano: the probate judge appoints the executor...granted, he can follow the wishes of the will, but he's not *bound* to the will...the executor is basically at the mercy of the judge. If all parties are in agreement, as is the judge, then everything can follow the protocol of the will...but like everything else in life, all it takes is one squeaky wheel...and in the end, we're all still at the mercy of a judge...trusts aren't nearly as expensive/exclusive as they used to be, and are HIGHLY recommended.

We tell our clients the easiest thing to divide is money...

[budnate]

your right Rob,

we covered all that stuff, the book is well written we assigned people for all scenarios that possible could happen, I think it's set to go right through the courts with no hassle, as all people were told in black and white what they received no more no less.

and again if someone wanted to fight it I suppose they could jam it all up, like you mentioned Anna Nicole http://www.yenko.net/ubbthreads/images/graemlins/thumbsdown.gif

[Chevy454]

Remember, probate court means there *will* be costs invovled...not only court costs, but the administrator/executor and their attorney...whether it be flat rate or percentage. The order of payment, right off the top, is (1)court, (2)administrator/executor, (3)administrator/executor's attorney, (4)funeral expenses, (5)other creditors...and let's not forgot, the administrator/executor has to be bonded, which isn't free...even dieing isn't free any more.

But you should be commended for thinking ahead, Bud...I wish *all* of our clients were so inclinced... http://www.yenko.net/ubbthreads/images/graemlins/frown.gif

[sYc]

Being in the funeral busines most of my life, I have pretty much seen it all.

Avoid probate court (either with a will or with out) if at all possible, unless you want a judge to decide what happens to your estate.

The best bet is a revocable living trust. Controled by you, easy to specify what happens to your stuff, easy to modify, and the best part, does not go through probate court (this saves time and $$$). These trusts used to be rather expensive to set up, but not now.

[rich p]

Quite a few Collectors have my name & phone #'s for the family or wives to call me.In case of a emergency.Its known that I will bring the family or estate ALL the money with NO problems.I have worked very close with the families when im needed.

http://www.yenko.net/ubbthreads/images/graemlins/flag.gif

Not a good topic but a must!!

[BillD]

Thanks for all the responses. It is now perfectly clear to me what has to be done. I have to specify exactly how I want things handled and who is to do it. And the kids are going to have to get knowledgeable and involved or they will get picked over by any number of people.

[Belair62]

Listen to Tom...you need a Living Will and Trust with everything flowing directly to your heirs thru your appointed Succesor Trustee and bypassing probate all together. Forget the self help books...get a good Estate attorney and do it right.

[Mr70]

...and it wouldn't hurt to see your family Dr. regularly,as it may help detect a problem early that may be unbeknownced to you now.. http://forum.egcommunity.it/images/smilies/rip.gif

[sixbrl440]

If I may be so bold, it would also be a good idea IMHO to have title[s] to the willed vehicle[s] locked away in like a safe deposit box at a bank, with one's attorney of record holding a key.

Also, the same attorney of record should have a list, including all VINs and detailed descriptions [pictures, if possible, in current condition]of each vehicle, as well as its location.

[ChevyThunder]

I have used trusts . I own nothing I am just the executor. I have appointed a series of trusted executors just in case. I have also left detailed instructions.." if my kids are in college they need to have a 2.8 or above GPA or no money fromt the trust for school...they get "x" amount at 25 years of age... the balance at 35 years of age....If the trusts personal assets are to be sold there are directions on how to do it... contact XYZ to determine fair value...you can also send your executor or trust attorney info from Hemmings..print out Ebay auctions and such every six months to a year to keep an idea of value for those who are not as informed.