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Brad in Germany · 07-19-2020, 11:35 PM

You should write what is called a "Personal Property Memorandum" (PPM) (sometimes called a "Tangible Personal Property Claus") which outlines your desires how or to whom you would like your tangible personal property disposed. For the PPM to be valid you must refer to it in your will. Also check with your state for specific requirements for such a memorandum (Click here to check your states requirements). You can then use the PPM to tell exactly who gets what of your tangible property (does not include money, investments, a house, property and most anything that would have a title).

For example, your PPM can include guidance on how to sell your oilcan collection through Auction House XXXXX and gift your NOS Model A parts to MAFFI and give the KRW Tools to your cousin Bob, and gift your toy trains to your son Jake, and sell your Snap-on tools for $12,000 to Billy Smith if he is still interested in the tools, if not, then sell them through Auction House XXXXXX, etc, etc.... You can also provide guidance on who to go to get an appraisal (assuming they are still alive and in business at that time); i.e. Joe Smithy from the Model A club can help you find a buyer for the Coupe, but do not sell to Kirby Marks (not a trusted person), etc, etc....

As for your vehicles (including your Model A's), you should file a "Beneficiary Designation for Vehicle Title" (or something similar, whatever your state calls it) (everyone in the US should have one of these, even if you do not plan on dying any time soon!). That will automatically transfer the ownership title of your vehicle to whomever you designate, when you pass away (Transfer on Death - TOD). That also keeps your vehicles ownership out of the often lengthy probate process and your heirs can then register your former car in their name as soon as they have a copy of your death certificate. The Maryland "Beneficiary Designation for Vehicle Title" (VR-471) can even be filed online and only costs a nominal fee payable by credit card. It looks like you are from Ohio, so the Ohio vehicle Transfer on Death Beneficiary Designation (form BMV 3811) is similar to Maryland's - here is the link to the Ohio Vehicle Title TOD procedure: https://www.bmv.ohio.gov/titles-transfer-death.aspx#gsc.tab=0

....and of course, if you do not think anyone will be interested in your tangible property, you can always just sell it or dispose of it yourself before you pass away (though usually difficult to make the decision as to when). That way you will be able to rest in peace knowing where your items went and who you made happy, etc.......then just put the cash in your bank account (or investment) or gift the proceeds directly to your heirs (if you are maybe trying to reduce the value of your estate prior to your demise). For example you could sell your Model A and tell the buyer to make the payment out to your sons XXXX or have them (or you) deposit the money equally in a 529 Plan for each one of your kids (or grand kids) and then they (or you) can take the tax deduction on their (or your) state taxes. That way you can make the gift with a warm hand instead of with a cold hand!

This is just some unqualified advice from a guy who plans to rest in peace when his time comes. Hope that gives you some ideas.

Brad in Maryland

07-19-2020, 11:35 PM	#4
Brad in Germany Senior Member Join Date: May 2010 Location: Potomac, Maryland Posts: 911	Re: Model A Estate Plans You should write what is called a "Personal Property Memorandum" (PPM) (sometimes called a "Tangible Personal Property Claus") which outlines your desires how or to whom you would like your tangible personal property disposed. For the PPM to be valid you must refer to it in your will. Also check with your state for specific requirements for such a memorandum (Click here to check your states requirements). You can then use the PPM to tell exactly who gets what of your tangible property (does not include money, investments, a house, property and most anything that would have a title). For example, your PPM can include guidance on how to sell your oilcan collection through Auction House XXXXX and gift your NOS Model A parts to MAFFI and give the KRW Tools to your cousin Bob, and gift your toy trains to your son Jake, and sell your Snap-on tools for $12,000 to Billy Smith if he is still interested in the tools, if not, then sell them through Auction House XXXXXX, etc, etc.... You can also provide guidance on who to go to get an appraisal (assuming they are still alive and in business at that time); i.e. Joe Smithy from the Model A club can help you find a buyer for the Coupe, but do not sell to Kirby Marks (not a trusted person), etc, etc.... As for your vehicles (including your Model A's), you should file a "Beneficiary Designation for Vehicle Title" (or something similar, whatever your state calls it) (everyone in the US should have one of these, even if you do not plan on dying any time soon!). That will automatically transfer the ownership title of your vehicle to whomever you designate, when you pass away (Transfer on Death - TOD). That also keeps your vehicles ownership out of the often lengthy probate process and your heirs can then register your former car in their name as soon as they have a copy of your death certificate. The Maryland "Beneficiary Designation for Vehicle Title" (VR-471) can even be filed online and only costs a nominal fee payable by credit card. It looks like you are from Ohio, so the Ohio vehicle Transfer on Death Beneficiary Designation (form BMV 3811) is similar to Maryland's - here is the link to the Ohio Vehicle Title TOD procedure: https://www.bmv.ohio.gov/titles-transfer-death.aspx#gsc.tab=0 ....and of course, if you do not think anyone will be interested in your tangible property, you can always just sell it or dispose of it yourself before you pass away (though usually difficult to make the decision as to when). That way you will be able to rest in peace knowing where your items went and who you made happy, etc.......then just put the cash in your bank account (or investment) or gift the proceeds directly to your heirs (if you are maybe trying to reduce the value of your estate prior to your demise). For example you could sell your Model A and tell the buyer to make the payment out to your sons XXXX or have them (or you) deposit the money equally in a 529 Plan for each one of your kids (or grand kids) and then they (or you) can take the tax deduction on their (or your) state taxes. That way you can make the gift with a warm hand instead of with a cold hand! This is just some unqualified advice from a guy who plans to rest in peace when his time comes. Hope that gives you some ideas. Brad in Maryland Last edited by Brad in Germany; 07-20-2020 at 12:19 AM.