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Anyone have experience with using a revocable trust to hold title to vehicles?
Does this cause unintentional difficulty in any unforeseen way?
Does this cause unintentional difficulty in any unforeseen way?
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Of all the paths you take in life - make sure a few of them are dirt. -
Never heard of that one. All our cars are in both our names - XXX OR YYY. When we did our will some time back that was the lawyer's suggestion. That way either of us can sign off the title so if one of us croaks the surviving spouse isn't stuck waiting for the court to resolve the estate. As I understand it there is some difference from state to state so it's probably best to check in with someone before you make these changes. When you get to our ages you think about such things!
Dan -
title and a safe.
in my state, the ruels are so slack, you wonder what just simply out timed a holding bin for theft or crimes...off to auctions.
I still have a title for 1987 subaru, and the 1996 gmc.
in safe spots.
Previously boxer3main
the death rate and fairy tales cannot kill the nature left behind.Comment
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Originally posted by DanStokes View Post
Here is AZ the title can be AND or OR. If it states AND you need both, OR requires only one signature.
There was a time when you could just sign the title and had it over. Now you have to get it noterized.
Ran into this a while back when trying to get rid of a car....
If you can leave two black stripes from the exit of one corner to the braking zone of the next, you have enough horsepower. - Mark DonohueComment
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Why would you do that? did Stiney suddenly find one of his treasures was, actually, a treasure?Doing it all wrong since 1966Comment
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He found out that Willys Jeep he has belonged to 'old blood and guts' himself before he died...Originally posted by SuperBuickGuy View Post
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Sounds messy.
I stand by my "why" - trusts are messier then blood and guts - and unlike blood and guts, you keep getting doused in the entrails.Doing it all wrong since 1966Comment
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Estate planning. Lawyerly advice was to use a trust due to properties in different states, and the transfer of many multiple vehicles could avoid probate as well. Primarily for the multi state dealio. Ole Stiney stared the scythed one in the eyes a couple weeks ago.Of all the paths you take in life - make sure a few of them are dirt.Comment
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Bummer, Stiney. Glad you're still here. Did you see the tunnel and the light? I did not but maybe I wasn't THAT dead.
DanComment
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We're titled 'and/or'. Kansas also has a Transfer on Death provision..........here you can name another person, like a kid, as the co-owner of the vehicle, but they only can execute that ownership upon the death of both of those on the title. Makes for a tax-free inheritance, and keeps the vehicles out of probate. Check with your DMV to see if it's available there. It's not usually advertised, for obvious reasons.............Last edited by oletrux4evr; June 5, 2017, 07:05 PM.Ed, Mary, & 'Earl'
HRPT LongHaulers, 08, 09, 10, 11, 12, 13, 15, 16, 17, 18, 19.
Inside every old person is a young person wondering, "what the hell happened?"
The man at the top of the mountain didn't fall there. -Vince LombardiComment
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Not sure yet..... Blood pressure 231/193 and a skull ripping headache that's going on 20 days old.
BP is down to simply high now, but that level is low now. Lots of lightheadedness on takeoff from chairs.
We've needed to organize our junk for years. This is as good a time as any. Just unsure of how registering insuring selling cars titled to a trust?
I assume the counsel is correct on multi state properties needing multi state probates. That sounds like a nightmare.Last edited by STINEY; June 5, 2017, 07:13 PM.Of all the paths you take in life - make sure a few of them are dirt.Comment
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I had put it all off after my divorce & single parenting for the next 15 years. Then came 9/11 & I deployed to the middle east & we were required to make a will that specified all personal property. I thought about all of my friends & which car (there were 8 at the time) that they might enjoy. I specified who got what but the titles stayed in my name. And my best friend & his wife became the guardians of my will. I never considered a revocable trust for anything. Seemed kind of messy to me but they are common for property here because Nebraska has a law that waives inheritance tax if one is in place....when you got a fast car, you think you've got everything.
http://www.youtube.com/watch?v=ZpvfmSL6WkMComment
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Son and I have same name, problem solved!Comment
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In Georgia, it's the opposite - you need BOTH signatures on the title to sell it. Ran into that difficulty a couple years ago - luckily, in this case, both owners were still alive and married to each other. They just didn't know about the title laws.Originally posted by DanStokes View PostComment
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Isn't it great when you can just quietly bypass a potential issue that way.Originally posted by Deaf Bob View Post
...when you got a fast car, you think you've got everything.
http://www.youtube.com/watch?v=ZpvfmSL6WkMComment
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