I have a paid off vehicle and I'd like to know if I were to pass away, who is entitled to it? Is it automatically the next of kin?
thks
2007-07-11 05:41:23 · 6 answers · asked by ? 1 in Business & Finance ➔ Personal Finance
It goes to whomever your will specifies unless it is jointly owned (in which case the co-owner gets it).
If you don't have a will, everything you have gets tied up in the courts. Huge amounts of money are going to be lost to your survivor in the process, so even if your spouse gets the car, there's a good chance the he'll have to sell it to cover the court costs.
If you die intestate (without a will) you have set up your spouse for a world of financial grief and pain in addition to the grief they already have to deal with. A will is an absolute must if you don't what to make your spouse miserable.
2007-07-11 05:51:41 · answer #1 · answered by kevinngunn 3 · 1⤊ 0⤋
If the title is in both your name and the name of someone else, the other person owns the vehicle when you die. If is is in your name only, your will determines who inherits the car. If you don't have a will, get off Yahoo Answers and write a will.
To those that said it depends on the state: That is only true if you don't have a will. EVERYONE needs a will.
2007-07-11 13:45:58 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
Depends on the state. In california, which is a community property state, the car would pass to your spouse if it was acquired during the marriage, even if your spouse is not on title. However, if you want your spouse to have the car, the easiest thing to do would be to add his or her name to the title documents while your alive. You could also draft a will designating who should get yourproperty upon your death.
2007-07-11 12:48:03 · answer #3 · answered by SamSeaborn 2 · 0⤊ 1⤋
May vary by state, but it would pass to your spouse. If both of you die at the same time it goes to your estate. A will can direct your estate how you want it to be divided.
2007-07-11 12:53:11 · answer #4 · answered by B . 2 · 0⤊ 1⤋
I dont think I would be worried about a stupid car and who got it if something were to happen to you....Make sure that person you care about does not have to be financially suffering..........
2007-07-11 12:46:06 · answer #5 · answered by Trying 1 · 0⤊ 1⤋
You need a will!
A will clearly states "who gets what".
2007-07-11 12:52:10 · answer #6 · answered by Anonymous · 1⤊ 0⤋