Should I title a car in the name of a Trust?
Though there are exceptions to every rule, generally there are several reasons not to title a vehicle in the name of a Trust. For example:
-If your vehicle is involved in an accident and you get sued, your Trust becomes a party to the lawsuit – this can create significant complications
-Automobile insurers in Florida sometimes refuse to insure vehicles named in Trusts
-A Trust is generally not necessary to transfer a vehicle’s title after death –in some cases, the DMV Handbook allows the Florida Department of Motor Vehicles to accept the death certificate, the Will, the vehicle title, and a transfer fee as sufficient for transferring the vehicle’s title
For antique automobiles, mobile homes, and certain other situations, circumstances may be different. To review your estate plan documents or to get help preparing new ones, the attorneys of Bach, Jacobs & Byrne, P.A. can provide you particularized advice. Call (941) 906-1231 to schedule a consultation.