Who's going to get your estate (car collection) when you die?

[89tc]

Who's going to get your estate (car collection) when you die?

 

My family has absolutely no connection to cars whatsoever. My wife doesn't even know the names of my cars because it's just not an interest of hers. I showed her my Ferrari once and she said, "Oh". Whenever I drag a super rare or exotic car home, my family asks how long it's going to take up driveway space before I haul it to the junkyard. 

   So, sad to say, in the end I'm fully confident that if I die on Tuesday, my family will have most of my cars junked, and the rest sold for $500 each on Wednesday.

 

I like cats, so I was thinking of donating the collection to the local cat care society so they can sell the collection and use the proceeds for a good cause. 

[Robert G. Smits]

I joke about finding a prepared obituary on my wife's computer.  BOB DIED, CARS FOR SALE!!!   Seriously I have detailed instructions on how to dispose of my car and advertising collections when I pass .  The most troublesome is my hundreds of unframed paper advertising lithographs some dating back into the 1800's  Like 89tc no one in my family has the slightest interest in cars or advertising.  I don't think my oldest son can even change a tire. On the other hand he just received a golden parachute after engineering the sale of the company he was CEO of and is retired at 55 so I shouldn't complain.  The majority of our money is going to our favorite non profits and we have withdrawn our considerable University support for reasons I will not go into.

[brasscarguy2]

 I remember when my parents estate was divided. There were 15 lawyers and representatives of the respective recipients  sitting at the table drooling at the prospect of a big wind fall. My parents  estate was  close to 10 million. It reminded me of sitting at McDonalds looking at the crows on the power line diving into the dumpster. I was asked to sell their car collection and just a few cars were left at that time. My brother and I divided up the balance and that was easy. It took my father nearly 50 years to make and save their money and it was gone to the vultures less that 3 hours to grab their share. I remember hearing comments, what do you think the car collection would bring? 

 

Having gone thru that I decided no charities, no non profits, and for sure no lawyers or bankers. I have a very modest car collection, old beater Ferrari's, a few brass cars and a '29 Cadillac dual cowl phaeton, plus a machine shop and of course a bunch of old car "stuff" . Having no children or wife, it sort a limits my ability to dispose of the collections. I have one nephew that has been like a son to me, always there to help out loves the cars and the stuff. 

 

For last Christmas I had delivered to his house on Christmas day a beautiful red 1911 model t touring on the back of a flat bed tow truck with the driver over the intercom telling my nephew to come out of his house and get his gift from Santa. The reaction was incredible. I decided right then and there he gets it all real estate ,cars money, investments with no strings.  Problem solved, I rest easy knowing its all in good hands. My point is look at your relatives there must be one that would carry on your vision.

 

brasscarguy

 

 

[m-mman]

1 hour ago, 89tc said:

I like cats, so I was thinking of donating the collection to the local cat care society so they can sell the collection and use the proceeds for a good cause. 

Sadly this seems typical.  Something I have noticed about collector car estates the "disposition" becomes a "disposal".

 

Rather than arranging for the cars to go somewhere that they can be appreciated AS CARS, the plan is to convert them to cash and distribute that.  

 

On eBay once there was a 56 Lincoln being auctioned. Very nice car. The description was that it was a young man's pride and joy. He had died and he left instructions to sell it and give to money to an animal rescue. I always wondered if somewhere in his life there was ever another person who wanted THE CAR not the cash.

Nobody would direct the sale of a purebred animal and give the money to a car club, or restoration shop. 

 

There was once a TV show where a wealthy car collector had died (a fictional Bill Harrah) and deemed that his entire collection (valued at millions) would go to the winner of a road rally/race. (It was a plot device to film a bunch of chase scenes in old cars) But the only thing the characters talked about was the VALUE of the collection. None of the 8-10 characters ever talked about THE CARS. No character ever expressed an interest in keeping, maintaining, showing the cars.  Yeah, TV I know, but in too many automotive estates that I have heard of the concept of "cars" disappear and become nothing but dollar signs. 

 

Except in those situations where the widow needs or deserves the money, I always wondered why more people dont give the car(s) to person/people who admired it or always wanted one but couldn't afford it. 

It must have happened a few times but I think it is more the exception than the usual. 

[89tc]

"Rather than arranging for the cars to go somewhere that they can be appreciated AS CARS, the plan is to convert them to cash and distribute that."

 

m-mman, I see where you're coming from, but whether we're talking about cars, diamond jewelry, or fine china, the sad reality is that in the end its all about money. My ex-girlfriend was a hospice care nurse, and 98% of her dying elderly patients got cleaned out of their estates within days/ weeks/ months of their deaths. Some were even cleaned out while they were still living. Everything of any monetary value was sold, and the photo albums and other non-money cherished family items were thrown in the dumpster in the driveway. 

  Regarding your statement as giving the cars to people that would appreciate them as cars, I know alot of car people but have never met one that I liked 😀. I can say with firsthand knowledge that car people are a peculiar bunch!

[wayne sheldon]

My wife and I really should have a will written. Sadly, mostly because there are several family members that really NEED to be left a dollar, and not a penny more! (There is a legal reason for that!) We have one son that is good, and we would likely leave everything to him, simply because he is a good person. 

However, he has no real interest in the antiques, cars, trailer, tools, or hundreds of family heirlooms, most of little dollar value. 

 

Frankly, if I could figure out a way to make it happen? I would like to get a few acres of cheap land in the high desert, and bury a couple forty foot containers with most everything I own except of course our house. That I would leave to our one son. 

Our son has many times joked that when we are gone (especially ME!)? That he is simply going to call a couple local model T and Horseless Carriage Clubs and tell them to "Come and GET it!" The decent cars he would sell cheap, everything else, "You want it? Take it!" I think I could live (die?) with that. But I think he would prefer I bury it in the desert.

[9F94M567042]

That's simple. My one and only classic 1969 Mercury Cougar XR7 Convertible will get sent to the local auto crusher. Including all of the extra parts. I swore a long time ago that she will NEVER be owned by anyone else. I have no children and my wife would probably not want to deal with it assuming she is still around when I leave this world.

Might sound cruel and ruthless but after dealing with various folks in various clubs around the county and so-called enthusiasts, it's an easy decision to make.

I will say however that the folks on this forum and the AACA are superior to anyone else that has crossed my path.

 

[JFranklin]

Crush it and you sent it to china.

[John_S_in_Penna]

CAUTION:  While the question is fair, do people 

really want to give out their personal information--

such as estate planning and beneficiaries--

on a public forum?

[john hess]

do you want my address?..... seriously you have brought up questions many probably don't think of... I will have to make some preparations also as we have no kids.... family not really interested either.... might just will it to the club. hmmmm!

[Steve_Mack_CT]

You mean you can't take it with you?

[Bhigdog]

On 11/19/2021 at 6:36 AM, John_S_in_Penna said:

CAUTION:  While the question is fair, do people 

really want to give out their personal information--

such as estate planning and beneficiaries--

on a public forum?

Evidently some do. I think by declaring one,s intention it,s a kind of self affirmation.

That said: regards my cars my son is a car person and will get the cars. Likely will keep the vette. Whatever happens to the rest i don,t care. I find i,m getting pleasure by giving some things away now to people who appreciate them for what they are not for what they are worth.

As for me i will be quickly reduced to ashes. There will be no funeral, no obit. in the paper, no urn to be a reminder that i once was. .........bob

Edited November 20, 2021 by Bhigdog (see edit history)

[John348]

I have three son's I asked them all if they had a preference if they had a preference to which one they would want if they had a choice. My middle one said it best, " the one that it worth the most because I am only going to sell it" so that answered a lot of questions

[TAKerry]

I have seen this discussion maybe here and on a couple of other forums. If you care about your loved ones get rid of most of the stuff you can relieve yourself of and have a good will or trust to spell things out for the rest. Dont tell your best friend he can have your Caddy when you pass. In the eyes of the court none of this will hold water.

 

BTW, I wouldnt think a 'beater ferrari' or a dual cowell caddy modest, you can count me in as well!  But, I think its great that you have a nephew that you trust and can leave this too. I had an aunt with no children, when she passed she had all 10 nephews and nieces thought of.

[TAKerry]

7 minutes ago, John348 said:

I have three son's I asked them all if they had a preference if they had a preference to which one they would want if they had a choice. My middle one said it best, " the one that it worth the most because I am only going to sell it" so that answered a lot of questions

My son is not a car guy and he has joked at times as soon as Im gone everything is going on sale. I dont say I blame him. No sense in him carrying around my baggage. I tell him to get the best price he can. Id rather him have money in the bank than all of my junk.

[SC38dls]

First of all if you don’t have a will GET one. You can even download a form to filll out that will work. If you don’t have one the state and lawyers get 90%. 
As far as my car stuff and tools I’ve told my wife & daughter to sell it all to the first guy that offers anything she things is reasonable. I’ve given them a value on most of the stuff to make it easier. Everything else goes to her to enjoy. They can do whatever they want as long as they have some fun and enjoyment. That way years from now maybe they will remember the fun they had after I was gone. 
dave s 

 

I hope the state and lawyers get nothing!  

[Buick35]

I'm taking mine with me.

[auburnseeker]

Easy everything goes to our youngest daughter.  She's the only one that cares two ..... about what her parents do for her.   Took a while for the wife to agree but every day that passes just reaffirms the fact we made the right decision. 

Hopefully when she grows up,  we'll still be around and she will marry a guy that's into old cars and we can go from there on trying to pass the torch. 

[stretch cab]

[Steve Moskowitz]

I have written about this numerous times, it is a serious subject.  Too many in the hobby procrastinate on doing a will.  It is extremely important and may be more important than ever if the inheritance tax rules change for the worse.  In my tenure on this job I have seen so many disasters with estates in turmoil because of the lack of planning.  It is not fun to do but I have learned from these issues and have a detailed will along with instructions for my family with whatever modest assets I have left.  We make it so difficult for families when we do not have a will and end up giving too much away to the government  (unless that is your wish).

 

Selfishly, I hope some consider AACA in the planning.  I have and we continue to get more and more people telling us they will do so.  While it is inevitable some day some cars will be sold, we have cars here that have been with us for decades and will continue to be here hopefully for a long, long time.  Our library is growing thanks to continued donations.  

 

Oh and another thing, make sure the name is correct for the donor.  Dealing with an issue now of a donation meant for us but the will states the American Antique Car Club and the address is for the Region.  Review your wills and make sure they are correct and reflect how you currently feel.

 

A lesson I learned from my dad was to give while you are alive so that you can see how the donation is being used and get enjoyment from it.  Recently I have given rare literature from my library to AACA as I realize you have to walk the talk.  We collectors sometimes hate to part with our stuff but there is always a right time. 

[Trulyvintage]

7 hours ago, 9F94M567042 said:

That's simple. My one and only classic 1969 Mercury Cougar XR7 Convertible will get sent to the local auto crusher. Including all of the extra parts. I swore a long time ago that she will NEVER be owned by anyone else. I have no children and my wife would probably not want to deal with it assuming she is still around when I leave this world.

Might sound cruel and ruthless but after dealing with various folks in various clubs around the county and so-called enthusiasts, it's an easy decision to make.

I will say however that the folks on this forum and the AACA are superior to anyone else that has crossed my path.

 

Why not just crush it now ?

 

You actually believe if you arrange for it to be crushed when you die - that it will actually be crushed ?

 

The only way to ensure your wishes are carried out is to do it while you are still 

alive.

 

Maybe - if you stop and consider the Absurdity of actually destroying such

a vehicle while you are Alive - you might

reconsider your Wish.

 

 

Jim

 

[edinmass]

 

Oh and another thing, make sure the name is correct for the donor.  Dealing with an issue now of a donation meant for us but the will states the American Antique Car Club and the address is for the Region.  Review your wills and make sure they are correct and reflect how you currently feel.

 

A lesson I learned from my dad was to give while you are alive so that you can see how the donation is being used and get enjoyment from it.  Recently I have given rare literature from my library to AACA as I realize you have to walk the talk.  We collectors sometimes hate to part with our stuff but there is always a right time. 

 

STEVE IS CORRECT.  The CCCA museum was left a substantial car collection.......which in the owners hand written will said something to the effect of I leave my cars to the Classic Car Club Museum........... well fellas, there are probably 50 museums it the country that have some type of word Classic in them......the result, will was contested and the language considered so vague that the nephew who had no car interest except money.......got them all. Fortunately a portion of the cars were transferred BEFORE the owner died to single marque museum....... and the cars are where the owner wanted them. By the way....the of millions of dollars that were left to the nephew just wasn't enough.......he had to have every cent of his uncles property regardless of his wishes. Use names, addresses, social security numbers, birthdays, every descriptor you can think of.......and........ Have an attorney write and record the damm thing! If it's important to you, do it right, and Donn't leave a mess that pisses off your family and friends. 

Edited November 19, 2021 by edinmass (see edit history)

[89tc]

Hmm, I would consider leaving my cars to a museum if I knew they would be taken care of. In my geographic area lots of museums (not only car museums) went out of business because of lack of funding. I'm also not sure if museums have buildings large enough to house bequeathments, in addition to the display area of the building.

[oldcarfudd]

I'm a retired life insurance actuary.  I want to add one thing to this discussion that has nothing to do with old cars.  Your life insurance won't go through your estate or your will; it will go to the named beneficiaries.  This has some big advantages; states don't levy inheritance taxes, and the payout isn't delayed by probate or by fights among the heirs.  Yes, be sure you have a will.   But also be sure that the beneficiaries of your life insurance policies are up to date, and that the aggregate of what you leave behind in your will together with your life insurance ends up going where you want it.  If you have complicated arrangements, you can set up a trust to handle them, but be sure the trust is the beneficiary of your insurance as well as that of your will. (If things are getting that complicated, having a good lawyer do the paperwork is well worth the fee.)

 

Gil Fitzhugh, Morristown, NJ 

[TexRiv_63]

As others have said, the key to this question is to actually do some estate planning, it is shocking how many people do not do this. I only have a couple of cars but I also have a lot of Automobilia that would look like old junk to many but actually has significant value. While neither my wife or my sons have direct interest in car related things I have told them for many years how to deal with it all if I croak. I have inventories and detailed instructions what to do so they can reap the true value of any remaining items. The number one thing I've mentioned is NOT to react to all the "car buddies" that come out of nowhere offering to "take all that junk off your hands" for a less than wholesale price!

[hidden_hunter]

If anyone anyone wants to dispose of their steam car or early electric car to me 😂

[1935Packard]

+1 on the need to do estate planning. Hire a lawyer who specializes in it, as there are a lot of choices to be made about how to do it (trusts vs. wills, etc), rules for inheritance tax, and details to make sure it happens the way you want after you're gone.  It doesn't need to be a fancy lawyer, just someone you like who specializes in estate planning.

[Ed Luddy]

A timely reminder subject indeed! I do need to talk to my only child about this. She lives far away is married no kids and never will have any. Also has no room or ability to afford any of my old junk, but she does really like cars. Just not any of my current old ones. This thread makes me realize I need to sell off 3 cars and buy one that she likes and wants, not one that I expect her to cherish.

[Tph479]

You all should watch the movie "The Art of the Steal" about the Barnes collection. There is a car connection in that he did pass away in a Packard accident.

[auburnseeker]

A grim reminder but I buy sales related literature.  Quite often that stuff gets thrown away if you have lots of other stuff that needs to be dealt with.  You can give them a check or a garbage bag.  Your choice.   I know sounds terrible but it's reality.  like most of use that have bought especially parts off from estates or closed dealerships.  We hear,  oh you should have been here yesterday.  We just threw all that stuff in a dumpster.   Quite often the case when the real estate is valuable,  they want to get that sold and the only way to do it,  is to get rid of the rest,  literally the easiest way possible. 

[TAKerry]

It will not make any matter to us, but just because its written in a will doesnt make it iron clad. They can be and are contested. My wifes office had a fellow that did a video will. Pretty cut and dry and right out of the 'horses mouth'.  Unhappy heir and it was still contested!

[plymouthcranbrook]

And nothing will bring estranged and long forgotten family members out of the woodwork like the chance for free money.  

[3macboys]

While you are planning your wishes for your car(s) keep in mind that we are all only the current caretakers of them and be sure to either record or update the history of them.  A comment by Walt G on another thread reminded me of a comment my wife just made two days ago, if we don't record our history it will be lost with us. 

 

Don  

[9F94M567042]

I'll clarify some on my previous post. After reading the comments made here, I am rethinking my position. The car will still NEVER be owned by anyone else, but I may consider donating it to someone like the AACA or some other type of organization that will see the vehicle for what it is and appricate its place in automotive history.

Thank You for allowing me to rethink my position on this and giving me some other avenues to explore.

[68v]

My grandkids came to visit over the summer and my 1997 blue BMW Z3 and my Black BMW Z3M were sitting in driveway. My wife said they were debating who would get which one. After the debate they then were on to the Vettes and Camaros.........was happy they liked my car but was hoping they did want me to die soon!??!??! LOL

[89tc]

68v, I wouldn't be LOL'ing if I were you, I'd be putting all the kitchen knives in a locked cabinet and hiding in the wood shed until they left!!

[Joe in Canada]

I have a friend who is leaving his tools and machinery to his nephew. He tells me his nephew showed up last month at his door wanting to know if he could have the stuff now as he could use it.  I told him to keep an eye over his shoulder.

[trimacar]

3 hours ago, auburnseeker said:

A grim reminder but I buy sales related literature.  Quite often that stuff gets thrown away if you have lots of other stuff that needs to be dealt with.  You can give them a check or a garbage bag.  Your choice.   I know sounds terrible but it's reality.  like most of use that have bought especially parts off from estates or closed dealerships.  We hear,  oh you should have been here yesterday.  We just threw all that stuff in a dumpster.   Quite often the case when the real estate is valuable,  they want to get that sold and the only way to do it,  is to get rid of the rest,  literally the easiest way possible. 

There used to be ads searching for car related literature, I believe it was Walter Miller.

 

In the ad, he made the request to the tune of “tear this ad out and put with your literature so relatives will know how to sell your literature”.

 

I’ve made a list of people for my wife, if something happens work with so and so on these things and this other guy on those things.  Better than starting dispersal blind….

 

[Den41Buick]

 

Only 55% of Americans over 50 years old have a will. .....Get to it.

[JV Puleo]

I'll add my 2 cents...

 

I have a will. I paid a good lawyer to write it up. Because I have no wife or children, if I died intestate my estate would go to people who either don't need it or that I have no desire to leave it to. The real estate will be sold and the money divided between the heirs I've enumerated in the will. As to my car - or cars if I have more than one when I die (as well as everything else) it all goes to my executor, a life-long friend that I trust completely and who doesn't need the money – and probably doesn't want most of it – as well as being 15 years younger than I am. He knows what I would do with it - which is likely to give most of it away to people who will appreciate it.

 

That said, the last place I want to see any of my collections is a museum. I've also had many years of dealing with them in a professional capacity and, with rare exceptions, I have little respect for the often self-serving and overpaid "professional staff". Cars are complicated mechanical devices and with VERY rare exceptions there is hardly a museum in existence qualified to do more than turn them into static displays. I would much prefer to see them in the hands of an enthusiast who will continue to enjoy them.

 

I should also add that I have donated things to museums but I am very careful about it. The last thing was a book I gave to the Springfield Armory for their library. First, I checked and found that they didn't have it and that they did want a copy. It was not in spectacular condition and they have the connections to see it properly preserved and scanned so others will be able to use it.

 

All this may well change. I'm in good health and expect to go on at least another 25 years but if I get hit by a bus tomorrow at least something is in place.