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Adding car to trust

Ovfitbob

Well-Known Member
Joined
Dec 25, 2020
Messages
53
Cars
2016 Honda accord EXL
I’m curious if any members have added or are considering adding their car to their trust.
I’m not sure there’s any tax benefits to adding a car to the trust but I believe it might be better as to avoid probate for family members when the car owner passes.
I’m waiting to hear back from my tax advisor, but wanted to check with the forum members as well.
 

hmp10

Expert Member
Founding Member
Joined
Mar 7, 2020
Messages
2,055
Location
Naples, FL
Cars
Model S Plaid, Odyssey
DE Number
154
You can set up a trust now but leave it unfunded and then have your estate attorney transfer assets into the trust upon your death for distribution to your heirs. If you put the car in a trust now, it can complicate a later sale or trade.
 

Bippie

New Member
Joined
Nov 17, 2021
Messages
1
My attorney suggested NOT placing an auto in a trust so that someone can't go after the trust in the case of an accident. Check with your attorney for legal acvice
 

Ovfitbob

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Joined
Dec 25, 2020
Messages
53
Cars
2016 Honda accord EXL
Yes that’s what I was reading. In case of an accident, someone can go after the trust.
 

petew

Member
Joined
May 2, 2022
Messages
12
Location
philly
Cars
Cosmos/Santa Cruz GT
DE Number
0
Got same council here = not in trust.
Was happy to see/hear how enthusiastically they applauded Lucid purchase.
 

hydbob

Staff Member
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Nov 14, 2021
Messages
4,652
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Dream P
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33
Just have a pour over will and you don't have to worry!
 
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