Reality bites, but consider this..you are getting older. What are you going to do with your pride and joy, after you go off into the rod run in the sky? Have you made arrangements..a will for instance? Have you considered who or what organization you will be leaving your pride and joy to? Is it a family member? Do they know? Are they worthy, appreciative? What do you expect from them, in regards to the care/attention of your car or p/u? Do you care if they sell it? Do you intend to sell it, before your demise? Not an upbeat topic I know, but a real one.
I have three kids,all grown.Its all I can do to keep my stuff from them now.When I am gone,it will look like a feeding frenzy.I know they are all appreciative of everything they acquire.But what do I care..? I won't be there. What a downer thread.
56don, not intended to be a "downer thread", just a real situation we will all face, at some point. I feel it is important to have your thoughts/wishes known, to ease the burden on your surviving members of your family.
I won't give a crap and neither will any of my family,be an estate sale that someone else will handle. Just what we need on a snowy day--more depression.
My cars are registered to me or my wife. If something happens to me, she will get the cars. She can do with them as she pleases.
Well, I'm fairly young. But I've always figured I'd die that way, so I have pondered this question. -My Malibu Goes to my Ol' Man. He's welcome to sell it, but I would hope he doesn't. -All parts go to the family to sell off as they will. -And The Lincoln....I've never made plans. I don't want to know what will happen to it. I can't handle the thought of my baby rotting away again, but I also can't stand the idea of somebody else behind her wheel. it's just too painful. I dunno' Anyway, there are my plans.
40fordpu is correct..We,I am getting older...I have made arrangements for my rods. Two cars ,two grown children....We have a will. It's best to have it in writing so there is no question to whom the stuff will go.
I've been thinking about this lately. I'm only 53 but have cancer and there is a very real chance I won't make 55. In a few months I may have better odds and could have another 20 years plus, but today I have to recognize time could be short. Its not just what happens with my more or less finished stuff, but what happens to my tools, some of which are passed down from both my grandfathers, and what happens to the dozen or more future projects I have stashed around. My kids aren't interested and my wife isn't prepared to deal with this stuff and while I don't want to scare her by making too many preparations, I feel responsible to make sure its not a burden for her. Today I don't have the answers, but its something I am thinking about. I have a will but it doesn't specify details like this car goes to this person and those tools go to another.
at 67 I think of this too-my wife and son can sell them or whatever--wife is very savvy about these cars-not going to worry about it-but recently when I had surgery, I wrote a note for her about all of it and where pts were for unfinished car-just in case something happened She can sell them and do whatever she wants with the $$-I'm enjoying them NOW-if I'm not there, what do I care??
you young guys think this is a downer..? wait till you get to be 60 plus.. this is a very real thing that is happening to a lot of us out here... Look around at a swap meet.. so many grey haired and scooter riding rodders.. We are going.. It is, imho, very important to help out the family, now while you can..I am organizing all my parts as to ebay quality, to just junk.. That way your wife doesn't throw away your valuables as junk.. they won't know..and you want your kool kar to be appreciated not sold off as, just a car.... Any if you read the hamb everyday, look how many announcements are made DAILY about another one of us, down for good...so young guys this is real. thanks 40Fordpu, it is not nice, but REAL!!!
I think this is a timely post. I recently have been pondering this specifically. I'm not that old, but I have a lot invested in my 'toys'. My wife and I need to actually write a will. I've been thinking of changing my titles to TOD to my youngest son. He's the one who appreciates it. r
Best tp leave an explicit will, families get torn apart by greed when there isn,\'t one. Won't happen in your family! time for a reality check. Been there done that seen it happen.
Having just gone through a unplanned death, GITRDUN, gentlemen. The stress of straightening the credit cards, bank accounts, creditors, titles, distribution of assets, dealing with burial arrangements and all the other chit put me in the hospital for several days. Have your will made and notarized and filed . Have your executor named and given power of attorney and a backup executor. Have a well organized account and inventory made of all your investments, insurance, properties, accounts, debts, trusts and any other items of value or expense. Have your funeral plans made and prepaid. If whom ever is making your arrangements is not a cold hearted b@$%@^d, the funeral homes will eat them alive. A 3 grand funeral was ran up to over 10 gs with extras "that I would do if I cared for my loved one". I guess I'm a CHB cause it cost 3 grand. If you pass intestate, the state will probate your estate and will keep most of it. I know this thread is a downer, but nothing compared to the downer your survivors are going to get if you don't take care of business.
"If you pass intestate, the state will probate your estate and will keep most of it." That is not true, if you have relatives. All state statutes that I am aware of do say who the property goes to if you have no will (wife, children, mother father, sister brother, aunts uncles, nieces nephews, etc)... Yes, it's adviseable to have a will for non-jointly owned property, but I hear this scare stuff all the time and it's not true...
My son and daughter have either no interest or time in all my old car stuff. So, I've willed them to a family friend who will be able to keep one and the other, my 40 Ford coupe, is to go to my grandson should he have the time, interest, and money to keep it as determined by this family friend once my grandson reaches "working" age. He knows it is never to be sold so, should my grandson not be into it in his dertermination, he gets to keep it as I know he is in to it as much as I am. This is a heavy burden and we have already discussed it at length together. Hopefully it will be a long time before it gets to my time and I can determine this on my own. But the cars are an important part of my life. They are part of history, my family history, and my history and although I certainly can't control things from the grave, at least I will leave this world knowing that a part of our history will go to someone who will preserve it and not profit from it.
Yeah, it's a downer thread, i don't like thinking about it, but we have to face it. The thing about giving it to an organization is you know how people can get; Everyone seems nice---until you put money, sex, or time in front of them. Not everyone is a jerk, but the percentages do tend to rise up in these cases. Even hotrod clubs are not immune to this. Maybe the best thing is to auction off everything; This way someone who really needs and could use the stuff will get it. If you have stupid and greedy kids (how do they get like that? i suppose this is a topic for another thread?) especially those born in between 46-64, then this could be a problem. Again, not saying all baby boomers are stupid, but the percentages do tend to rise up for this age group. Plus, look at the world today---If the WW2 guys were still in charge, there's NO WAY society would be in the shape it is today. (again, another topic for another post). So, in an auction situation, all of the proceeds would be divided equally among the brats. This should be in writing, in the will, so as to avoid any future misunderstandings. My grandfather's hobby was collecting cameras, movie projectors etc. i/we don't have the heart to sell any of it even though it could fetch big $$$ being vintage and out of production. i don't really give a shit if anyone sells my stuff, just as long as it goes smoothly and there is no greed involved.
Interesting thread. At only 22, my current cars are getting SCRAPPED if I die. If I don't get a chance to finish what I started. No one else gets to. But I'm sure down the road I'll have worthy kids of getting my cars.
If I go, my stuff goes to my wife. If she goes, it goes to me. If we both go, the kids get it. I'm 44, just beat brain cancer last year, and this is a timely thread. Damn right I've thought of these things! I want my friends and family to party when I go, not be sad. And certainly not stressed over paperwork. Dropkick Murphies' Amazing Grace playing too!
If I die, my wife will do what she wants with both cars. She knows the values. If we both should die, they are willed to friends of mine as we have no kids.
I hope I have enough time before my demise to liquidate everthing and spend every penny I get from it. Once I die my wife and kids will sell everything I have for pennies on the dollar because they have no idea of what it's worth and don't care to learn. My wife has pretty much poisoned my kids against the old car hobby, they only want to use the end result of my hard work. Not one of them ever wants to help work on them. I've told them all if I can't sell for a decent price before I croak I'd rather give my trucks to some one who will truly appreciate them than give them to my family. I know this is a sour additude but if you don't get help while you're alive I ain't going to give them anything when I'm dead.
2 daughters & 2 Thunderbirds. Daughter #1 wants the 57 & daughter #2 the 63 - wife likes that and doesn't have any interest in either one. Check with your estate planner and Title Bureau ( not your DMV) to see if your state allows for Right of Survivorship on your titles. You own the car and your designated beneficiary's name is also on the title as "Your Name ROS Beneficiarie's Name" This allows you full controll of the car to sell or do anything with and they have no claim whatsoever to it as long as you are alive. If the kids get a divorce - no claim can be made for example because they do not own it in any way, you do. When you die it is not taxable or considered part of your estate either. They only need an ID and a copy of the death certificate and a couple of bucks to transfer the title to their name. If you are using YOM or vanity plates they stay with the car, since there was no actual sale or a full transfer since their name was on the car. It is considered a reissue of the title not a resale. Works just like a Transfer on Death for a property deed or a Payable on Death for a bank account. Check your state laws - much cheaper than having a trust and 100% guaranteed the person you designate gets the car because it is not tied up any way with estate settlement.
The bright side; A will? Why? It didn't come easy for me, so why would I make it easy for the next? Let 'em fight over it. Whoever gets to DMV first with the title and a death certificate and convinces them it's theirs wins. No doubt in my mind somebody will be smart enough to get'er'done. he, he, he.
Sorry 29, but it may not work that way and there will be extra taxes because the vehicle's value (assuming it actually has much value) will be included in your estate. I'm not one to avoid paying my share of taxes, but I can't see my kids paying more than required.
If your wife and children don't care about your cars don't forget your friends who do. If there isn't a big financial need then go ahead and leave the cars, tools, etc. to someone you cherish as a friend who shares your interests and hobby. You might even think, in this situation, about the kid down the street who drives that old Nissan but haunts your garage with enthusiasm every time you're out there! You might also think about your local high school automotive shop for donations of tools and equipment.
Im worth about $750,000 dead... With the Army life insurance, the insurance my grandfather bought all of the grandkids, and the insurance from my civilian workplace. I sometimes worry about that when I go to do something dangerious for my family. Im worth more dead than alive! But I have told them to give my stuff away to my friends that will enjoy it. That would make me happy.
I have a will and written instructions pertaining to where all important papers can be found, insurance policys , car titles etc. etc. Also everything is pretty well spelled out as far as who gets what , kinda anal about stuff like that. Like my son told me hell you won't even know what happened, why care about it. I told him if he fucks up on my wishes,I'll come back as a miss in an engine or a rattle in the door that he will never find. I think I got him worried.
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