Transferring a classic car to an heir – Monterey Herald

A question: Seeing all the beautiful cars in town during Classic Car Week made me remember something that happened in a nearby house. He was also a fan of cars, and when he died, he had two rare and beautiful Rolls Royces which he passed on to his son. When the son went to sell one of the cars, no papers were found on where my cousin bought the car. In other words, it seemed superficial, so the son decided not to sell the car. When he shared the story with me, I told the son that I was with my cousin when he bought it and gave him details of when and where his father bought it. It was a “barn find” and my cousin worked for years restoring it and replacing parts with original ones when he was able to find it. It really is a beautiful car. With the information I gave him, the son was able to obtain duplicate documents and ended up selling Rolls. Because he was able to get some history in the car, I think he got more for it. Just a lesson you need to make sure and keep documentation on vintage or rare cars.

Answer: Thanks for sharing your story. Origin, the history of ownership of valuable objects, art or literature, is very important when it comes to passing on valuable and possibly valuable objects to our heirs. Most cars have title documents with DMV, but artwork, coins, books, etc. are hard to keep track of. This is why it is essential to keep receipts, evaluations, and any record you may have of item ownership before and at the time of purchase.

All over the world, there are many cases of misappropriation of arts and cultural property held by families and these items are passed on from generation to generation. Without an ancestry, how can a family defend property, should it be questioned? Also, on a more philosophical level, if a family member removes art from a war-ravaged country and essentially protects it if the art is illegally removed, is the family member guilty of theft? Should art be brought back or brought home? It is certainly beyond the scope of this column to resolve these questions as well as deviate from the original observations about Rolls Royce.

Bottom line, keep the paperwork and pass it along with valuable family heirlooms.

A question: You have appointed a trustee and executor. My question is how will they notice when I die?

Answer: This question gets asked a lot and there is no single way a guardian or executor will know that it is time to act. Personally, I advise clients to put my business card in their wallet with a note that says, “In the event of hospitalization or death, contact this office.” This way, if a customer has an accident or can’t speak for themselves otherwise, we get a call and know it’s time to step in. It also helps in case there are pets in the house that need to be taken care of.

We have been contacted by neighbors who have noticed that their friend next door has not been seen in a while, the kids call to let us know there is something going on with a parent or in a horrible and tragic situation where a client commits suicide. , left a note that said, “Call Lisa Horvath, she knows what to do.” As an aside, although we are professionals in this field, every sad notice.

Lisa Horvath has over 30 years of experience in the fields of estate planning and trust and is a licensed professional credit agency. Lisa is currently the President of Monterey Trust Management. This is not intended to be legal or tax advice. If you have a question, call (831) 646-5262 or email [email protected]

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