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Estate Planning & Vehicles Question

streetmachine

streetmachine

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I normally wouldn't ask this type question on a forum but, here it goes and maybe someone might have run across this situation. With everything going on, it got me to thinking about something. If a person has a couple of older vintage vehicles and they have no heirs to their estate which means no relatives, family, friends, or loved ones when they die, I'm just wondering what would happen to said vehicles? Would they go back to the state of residence at the time of their death and go up for auction? Just wondering what should be done with them? I'm just wondering if anyone has came across this situation? Any help would be greatly appreciated and thank you in advance.
 
What should be done is have will properly done and name a person you want the cars to go to.
 
Speak with an attorney about a will... Pass them along to a friend Or donate them to a charity...
 
Your State will have specific procedures and laws. Most likely, assets are sold with the benefits going to the State coffers. Don't let that happen.
 
R413 said:
What should be done is have will properly done and name a person you want the cars to go to.
Click to expand...

Or entity or organization. We have no heirs so part of our estate will go to animal rescue shelters. ( I can see the car full of labs, retrievers and german shepherds cruising with the top down. Noses in the air. Mouths wide open. Ears flapping in the breeze.)

You can pretty much do what you want with your assets but unless you have a will, someone you've never met wearing a black robe will make decisions for you. GET A WILL and talk with an executor so they know what you want.
 
#41 said:
Your State will have specific procedures and laws. Most likely, assets are sold with the benefits going to the State coffers. Don't let that happen.
Click to expand...
In most cases you would be better off leaving the **** to a perfect stranger than letting the States make money off it. I mean for Christ sakes haven't they taxed you enough already? Does the taxation die when you die or do they get in just one more jab? Do a will and figure out who you want the stuff to be left to.

If there is no one you would be better off leaving it to a charity of your choice. Don't let the bastards get another dime out of your estate. A charity could auction it off and make lots of money for that charity. The best charity to leave it to is me. I will take good care of it. :)
 
.did i mention i am up for adoption? yes as previously mentioned , leave it to a love one or good friend that you know that will cherish it or a charity that will benefit from it .don't let uncle sam and his drunken brothers and sisters have it to spend from the sale. and in most cases a politician that is in bed with the county/state will wind up with it cheap .
 
Do the same with anything else of value, like weapons, antiques, precious metals, etc....
 
I volunteer to be one of @69Coronetrt 's heirs.

If it's not clear already, I'm an animal lover as well.
 
We don’t have any children and our brothers and sisters are but a few years younger and probably do well to outlive us in some cases. Nephews are a mixed bag but I don’t see any real gear heads in the bunch. I designated in our trust that my brother can have any of mine that he wants but although he is interested in cars and has a couple projects, he’s probably not going to want more than one. I just made a general comment the others should be auctioned off. Probably not an unusual situation for many of us.
 
As others have said, get a will. Regardless of if you have a will or not, eventually there will be an executor. The executor of your estate can be someone you name beforehand, or someone the state names for you if you have no will. The executor has full power to do what they need to liquidate and/or pass on your estate. And they can get paid out of the assets of your will. So if you had no will, most likely an executor would find a way to turn them into cash. But how they do that is up to them, so if they have no clue, they could sell them at a used car lot for $500 because it is easy.

Finally, most states have a specific order for beneficiaries if there is no will. I think the general order is spouse, children, parents, cousins?, Uncles/Aunts? etc. When they run out of those, the state takes it, thank you very much...
 
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HawkRod said:
As others have said, get a will. Regardless of if you have a will or not, eventually there will be an executor. The executor of your estate can be someone you name beforehand, or someone the state names for you if you have no will. The executor has full power to do what they need to liquidate and/or pass on your estate. And they can get paid out of the assets of your will. So if you had no will, most likely an executor would find a way to turn them into cash. But how they do that iss up to them, so if they have no clue, they could sell them at a used car lot for $500 because it is easy.

Finally, most states have a specific order for beneficiaries if there is no will. I think the general order is spouse, children, parents, cousins?, Uncles/Aunts? etc. When they run out of those, the state takes it, thank you very much...
Click to expand...
Yep, here in TN spouse gets everything if no will is present.
My dad refused to do a will, to the point it became a touchy subject when I'd mention it.
Wicked stepmother wound up with everything, but asked me to help deal with it after he passed.
I agreed - at a price, which was that I gained control of what little original family documents, pics,
what have you he possessed.
I imagine a similar fate awaits what little I have accrued in this life as well. With no kids and most of the
family gone, it will be up to my wife when I'm toast.
 
In the state of Nevada we did "Transfer on Death" on all titles,vehicles,house and properties.
This can be anyone BUT their name(s) must be on the titles.They will still be legally yours till you kick the bucket.
Saves the hassle of probate and the like.You never know. Wife and I RV allot and is is possible with a accident we may demise at the same time.
The other is sell off what you have now and keep the bare minimum.
This way wife won't have to deal with it.
Had to tell myself do I need 3 cars,2 motorcycles and more ?
My plan is to have just one toy and am in the process of selling everything else.
 
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TOD is what I did. When I die it goes to them. That way I can sell it or let it stay as a TOD. No attorney involved.
 
I could really use 2 more , I've only got 2 cars and 4 daughters and they all love them, I'd hate to leave someone out
 
I have been thinking about this too - arrived at the realization that I need to have these plans in place in case of the unexpected.

I was gifted my car 20+ years ago by a dear neighbor when she couldn't drive anymore. She was essentially an adopted grandparent. As a young broke kid it meant alot to me.

I have one nephew who is 6 but he is on the opposite coast. So right now my plan to to pass my car to the neighbors kid if he wants it.
 
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I spoke with my son who is not into old cars and have instructed him to contact a reputable auction house and sell them. The proceeds to go to my grandchildren. It's in my will.
Perhaps there's someone you trust who is willing to do the same then donate the money to your favorite charity.
 
At a minimum, have a will to direct where your assets go when you pass. Some of it may end up in probate due to having titles.

TOD, trust, any number of things can be used to direct your assets when you pass.
 
Instructing someone can put pressure on them and can leave yourself open to your wishes not being carried out. I trust my family as you do, but make no mistake, it can change people or make them do what they would never have done before. YOUR wishes should be spelled out and put into writing if only to make them happen without making someone the good or bad guy. My daughter has her own money and I'm only leaving half to her, my sons half will go to the no kill animal shelter in his name because of his known love for animals. I would never leave it up to my daughter to carry this out and trust is not the reason. If she can't make it on her half of our money, she has a major problem. My wishes are up to me to make happen. Ask any lawyer and he will tell you the same thing, I guarantee it!
 
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