SOT: Contingency plan? |
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SOT: Contingency plan? |
smontanaro |
Jan 26 2008, 01:00 PM
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#1
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Senior Member Group: Members Posts: 1,190 Joined: 3-June 05 From: Evanston, IL Member No.: 4,197 Region Association: Upper MidWest |
Sorry to inject a rather morbid topic into the forum, however...
After much procrastination my wife and I are getting set to have wills drawn up. One thing that occurs to me is that while I would obviously leave my 914 to her, she would have no interest in it and would almost certainly want to sell it in the event of my (untimely) demise. I'd like to be as prepared as possible for that contingency to make things as easy for her as I can. One thing I need to do is make sure she's on the title so she doesn't need to wait for my will to be probated to take ownership of the car. What other things should I do? What kind of instructions should I leave for her to make it as easy as possible to sell the car without getting ripped off? Should I contact somebody local who can help her sell it? (I live in the Chicago area, so Brad Mayeur comes to mind.) Thanks, Skip |
1970 Neun vierzehn |
Jan 27 2008, 02:44 PM
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#2
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Advanced Member Group: Members Posts: 3,199 Joined: 16-March 06 From: cincinnati, ohio Member No.: 5,727 |
Skip,
Jeff has given some excellent advice and I'll add a few observations based on first hand experience dealing with automobile titling issues. Here in the State of Ohio, if you would want to avoid the extreme hassle involved in procuring a title in your name from that of the decedent, even allowing for a will granting you said ownership of the vehicle, the time and paperwork can be all consuming. The prefered method of titling a vehicle to avoid such hassles is to title it thus: "John Doe and Jane Doe, WRoS (with right of survivorship)." By doing that, the second party named could easily get the car titled in his/her name in the event the first person should die. Caution, this advice pertains only to Ohio titling issues. In Kentucky, a title can read "John Doe or Jane Doe" thereby giving each party the right and ability to sell/trade said vehicle. Skip, I'd check with your states' titling/license bureau to see what they will or will not permit on the title. In Ohio, for instance, the BMV will not allow "or" on the title, only "and". Paul |
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