While cars may not be the most complex asset, they still play a role in estate planning. Solely owned vehicles become part of the estate, while jointly owned ones may bypass probate entirely. Advising clients on how their cars are titled and ensuring clear documentation can prevent disputes and ease the transition for beneficiaries.
Key actions for advisers:
Assess how your clients’ vehicles are owned and their value in the overall estate.
Encourage them to communicate their intentions for vehicle distribution.
Ensure all registration, insurance, and title documents are up-to-date and accessible.
Discuss joint ownership implications.
Integrate vehicles into their estate planning strategy to avoid surprises down the road.
Inherit Life Vault mitigates the risk of ongoing tracking of cars and other small assets. This facility is a highly secure storage for client data, accessible only by an attorney or beneficiary after a strict verification process.
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