Classic cars can be a hobby, lifestyle, and even a legacy for the next generation to enjoy.
In many cases, classic cars are ‘labors of love’ and represent years of tender care and sweat-equity. As an asset, many classic cars hold their value and, in some cases, increase in value as the number of historic and classic vehicles on the road dwindles, making them important assets to be included in your estate plan.
Not everyone, however, feels the same thrill when looking at a classic beauty. Making sure your prized four-wheeled possession is bequeathed to the RIGHT person will make sure that all of your restoration elbow grease isn’t wasted. (Anyone remember the movie Grand Torino?) Passing down years of knowledge about the vehicle and all of its ‘quirks’ can also be documented in an estate plan, which helps to ensure that the next generation is equipped to care for the car.
Taking title of a vintage vehicle from someone who has died can be a real “pain-in-the-bumper” if not handled correctly. Fortunately, Arizona is one of the few states to provide a Transfer on Death Registration form. These forms can be filled out and kept in your estate planning binder. When executed correctly, this form will waive the need for probate and provide a smooth of ownership.
At Spirit West Certified Planning, LLC, we assist clients every day with the challenges that come with making sure a classic or antique vehicle is passed on to the right family member in the simplest way possible. Whether you have a garage full of Model T’s, or spend your spare time polishing the paint on a 1957 Chevrolet Bel Air Nomad, our office is here to help!
We are happy to assist or answer any questions regarding how to include your classic car in your estate plan effectively and efficiently.
Knowing that you have a plan in place for the future can allow you to relax and enjoy your hobby/investment/passion vehicle today.
Call our office for a FREE consultation.