NationwideCarShows.com - Blog

We LOVE our collector cars, don’t we? There’s nothing like the sense of pride in showing off your gleaming, perfectly restored piece of automotive goodness. Hopefully your spouse shares your passion, too. But what if she doesn’t? What if the kids think your car is cool, but they aren’t interested enough to help you change the oil, let alone hunt for parts, form a fender, or even wash it with loving care? That’s OK while you’re here to take care of your baby (the car, not your kids), but who will make sure that only the softest cloth diapers are used to polish the chrome when you’re gone? As you probably know, your pride and joy is considered personal property (again, the car, not the kids). Your name is on the title. Because the car has a title, it can’t simply be given away after your death – you have to make plans before your death regarding what you want to do with your car.Let’s say your wife and kids tolerate your passion but don’t share in it, and therefore probably don’t really understand it. You want them to benefit from your hard work, but maybe they don’t understand just how valuable your collector’s car restored to original factory condition really is.What do you do? Do you leave them the car? Do you sell it before you die? How do you know when you’re going to die? You don’t, and that’s the problem.You have many choices for your car, but you have to plan ahead. There’s a process you need to go  

This entry was posted on Saturday, August 16th, 2008 at 2:03 am and is filed under Trusts and Your Cars. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.