Quote:
Originally Posted by Incognito-A
For vehicles: Make sure that the recipient is on the title with you, ie you “or” recipient whether that be your wife or kids. That is the easiest way to avoid putting vehicles in a will or trust and automatically avoids probate.
Car and collectible markets go up and down all the time. I’m not sure putting a fixed value on these items is the best way to go. Are you really going to spend the time and effort to price out everything on even an annual basis? My suggestion would be to have a trusted friend or two that knows your hobby, whatever it might be, to be listed as an advisor.
Get advice from a reputable estate planning attorney.
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Having a title with "or" with you and the other person listed on the title gives the right of the "or" person to sell your car when they see fit, at any time (even against your will). To protect your vehicle from the possibility of the other person selling it from under you (or before you are maybe ready to sell it), it is better to designate a beneficiary on the title instead. That avoids your car from entering probate, keeps it out of the total value of your estate (avoids possible taxes) and insures that the ownership of your car transfers to the person you wish, upon your demise.
In Maryland the process is super easy, just fill out the "
Transfer Upon Death" form for your vehicle(s) and MD will then issue you a new title for your car which includes the TUD designation......so when you die, the designated person can immediately take possession of your car and dispose of it as they see fit, with no need to wait for the probate process. Most states offer similar TUP program for your vehicles and for anything else that has a title (or deed).
Similarly for your deeded property (house, land, farm, etc) you can designate a beneficiary directly on the deed in what is called a
Life Estate Deed. That allows the transfer of the deed upon your demise but keeps the property out of probate.
Everyones' situation is different, but to avoid probate and to avoid the need to pay some expensive attorney to settle your estate and/or to manage a Trust, best to designate TOD (Transfer on Death) on all of your financial assets (bank accounts, investments, etc), and designate a beneficiary on your vehicle titles (per the above) and set up a Life Estate Deed for your property (or anything you might have that has a deed). Any tangible goods that do not have a title or deed can be covered in your will and with a codicil as things change in your estate after you have signed your will.
In addition, the disposition of specific tangible items in your estate (like car parts, collectables, jewelry, your collection of Amish quilts, heirlooms, petroliana collection, tools, etc) can be managed via a "Tangible Personal Property Memorandum".....which can be modified (without an attourney) as you add or dispose of items in your estate while you are still alive.
Brad in Maryland