Does my Car go into my Living Trust?
Technically speaking, your automobile can go into your Revocable Living Trust, but I don’t usually recommend it. I don’t usually put cars into Trusts for two reasons. The first is that we tend to buy and sell cars more frequently than other “big ticket” items. The second and more important reason is that should you get into an accident and the other party sees that your car is owned by a Trust, they may see dollar signs and look to sue in a situation where they otherwise may not. Generally, people (married people) tend to keep their cars in both spouse’s names, so transferring the car is not difficult.
There is an occasion that I would recommend putting an automobile into a Living Trust, and that is when someone owns a special car such as a collector car, classic car, hot-rod, or other car that they plan on keeping for life.
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See lots of estate planning information on my website at: www.myestate-plan.com
Thanks for reading.
William Daniel Powell (Dan)
This document is for informational purposes only. Nothing in this is to be considered legal advice. Nothing in this shall create an attorney/client relationship, nor shall it create a confidential relationship. If you need legal advice (in California), feel free to contact me or someone licensed to practice in your jurisdiction. I assume no liability or responsibility for actions taken, or not taken, as a result of reading this information.
Also, please remember that I speak in generalities in my blog and my website. There are so many different factors that can contribute and completely change the outcome that it would be impractical to discuss all of them here.