Helping family with disposal of F car after your death???

If the asset has any value then it should be in your family trust. Trust will dictate how all items of value will be disposed amoung other things like healthcare directives. You need a trust to avoid probate and severely tying up assets that your family may need to live on immediately. You need this document to speak for you when you are gone. I'm not a lawyer but slept at a holiday inn express

 

This is a good idea. In addition to the usual Will and Trust documents, an informal "In Case of Death" folder is something people should set up. Obviously, it is not a legally binding set of documents, but will provide a lot of comfort to your survivors to know your intentions for any unusual assets.

Some other things to put in such a folder are: where your last tax return is kept, where are the title documents to the vehicles, what to do with your PC files, where to find a list of your internet passwords, what to do with the "important junk" you've accumulated in the basement and garage, how you'd like your spouse to manage your joint investments after you're gone, which child or heir should get which sentimental item (such as watches, rings, hobby items, etc.), locations of anything you've hidden, etc.

 

My wife and kids fully understand i want the cars passed on as a family jewel. Its for them to keep and enjoy, its not for sale......they can sell my other stuff.

But, with this said.....it should be included as part of your will and wishes like any other asset.

 

I have left that decision to my wife or kid as to whether they want to keep it , give it away or sell it. So based on that I have given them an estimated value and told them who to call to check on the latest appraised value. Then if they want to sell it to put an add in Hemmings and the local paper and ebay. Then sell it to the 1st person with the cash .

 

As an art/car appraiser I see horror stories every month in which people die suddenly and the family has no clue what the deceased had or what they are worth. I recomend that my clients have a Doomsday book with detailed descriptions or an up to date appraisal and thier wishes for thier collection. Do not forget things like books, car models,parts and brocures. Several times these items have added up to more value than the car collection.

 

With all due respect to the deceased-to-be, I am hereby providing notice of my selfless willingness to bear the burden of disposal for any owners who should wish to enlist my services. I guarantee a proper regimen of both use and service, and will treat your cavallino as well as you yourself would, and would wish in your absence. Please PM me privately for details, and thanks for your faith and trust in my services on your behalf.

Your faithful servant,
Tad

 

My cars will be passed down to my wife and children. I bet my wife would keep the Ferrari and sell the Porsche!

 

I have left my wife with instructions on who to call to liquify my 19th century Mardi Gras colection , Playboy collection ( every issue) and Ferrari's although I told her to hang onto the Ferraris so the kids can each get one, she kknows where to go to maintain them.

 

Mine will be left to my son. Though I will most likely give it to him before I die.

 

Back when we were both flying, my next-door neighbor was trying to get into stunt flying. He had a Starduster biplane and was sadly killed in a practice accident. Dave did not leave much of a will (just left everything to a 15-year old daughter who had been with the ex-wife for years, and no girlfriends serious enough to be involved). We were both a pair of divorced bummed-out gearheads at the time.

Some of us guys in the sports-aerobatic flying community went to work on the minor stuff...we cooked up a kind of little private "honor" memorial auction for the small items; guns, airplane memorabilia, radio control plane stuff, tools, etc. I think this produced a lot more value than a real public auction could have. For example, the RC stuff, a little of which I ended up with, was not even on a legal frequency at the time - it was from an earlier day and we were just flying outlaw out in the country.

Of course, the attorney was given the job of liquidating the house & the Jaguar XKE. We did not try to get involved in bidding for any of this, as we were afraid of the contraversy that could come later. I think this issue might apply to any good-willed friend who tried to step in and help as per this thread, if you were not really the executor. Funny what some people do after a death over property.

My own attorney advised me to just word out a will in generality terms, and not try to itemize every little thing, unless it has had a specific heirloom value.

Still miss the nights we spent working on that XKE and the Starduster.

 

http://www.ferrarichat.com/forum/showthread.php?t=164837&highlight=ferrari+death

 

I don't think Trusts like to include things that may/may not have Title issues, such as houses and cars.....just the cash and stocks, please...

None of our family's homes are included in any Trusts we have formed, for this reason.

As noted though, a Will can be bare bones, then fleshed out with attachments called Special Instructions.

I have had to use this device, to equal things out for my illegitimate child, who otherwise might be shut out by.......*ahem* ...unscrupulous individuals. She should really inherit the Lion's Share, for all she's been through!

I have thought about leaving insturctions to be crushed in the Fcar, into one of those 2' metal squares!
Assuming it's not already crushed that small by the fatal accident, of course.....

 

And the advantage of "special instructions" ( codiciles? sp.? ) is that they can be added and amended from time to time at much less cost than re-doing the whole will.

One more serious thought: It might be well for us Ferrari owners to remember that some of our best-loved family survivors may not love our Ferrari quite as much as we do. If we get too specific about it, then a sort of moral burden to keep it comes with the car, which may not be in anyones best interest, including the good of the car.

I know that I held on to a certain Grandfathers baby-blue 1969 Oldsmobile 98 Sedan for a long time as a teenager out of the lack of courage to trade it when I secretly wanted to.

 

Special Instructions don't have to wait on Probate of the Will itself, my understanding........

 

LOL on 'the love" James....

Amanda has labeled the Ferrari a "Money Pit" and asked for the Trans Am, instead.........ROTFLMAO!

Truthfully unless you send the funds along as well, they'll toss the keys at the first repair!

 

Dude, she might just have the last laugh - I just found out that a '57 Chevy is probably worth more than my Testarossa.

Even Napolis might be building a special right now more valuable someday than the P4???

 

Temporary Market quirk, IMO.......exotics will win over time.

 

I'm single with no kids. No will, no life insurance, and if I die in debt I win!

Whoever forecloses on the house can take what's in the garage...

 

If you had been high bidder on the Jaguar, how could that have been anything but a win-win?

 

Of course you are right...but '57 Ferraris are a little out of my budget.

Tillman, you are me 20 years ago.

She (who will reform you) already has you in her sights.

 

How would I have ever convinced ex-wife, girlfriend California, or girlfriend Dallas, that I had paid the real price?

For another thing, I don't know if I would have wanted it, considering how close Dave and I were.

We lived way out in the country, and I cannot tell you how many times in that next year I would catch myself driving the 911S Targa on the way into town of an evening, and be subconsiously thinking - "I'll bet Dave will be topping that next hill in the XKE on his way home from work".

Our other closest friend would not have wanted it either (unless it could have been converted to diesel or propane).

Seriously.