By Phillip B. Rarick, Esq., Miami Trust Attorney
A common question we receive for persons who have prepared revocable living trusts is what do I do about title or registration for my cars. Unless your car is a Maserati or you have a collection of valuable old cars, here are three rules to follow if you live in Florida:
1. Do not title or register the car in your trust. A car is more likely to be a “lawsuit on wheels” than a valuable asset. There is no advantage to putting your car in the trust as cars do not need to be probated in Florida unless you have more than two cars in your name. If you have a collection of cars, then contact our office for further advice.
2. If married or living with a partner, do not title the car in joint name. By doing this, you have now given a personal injury attorney two people to sue: you and your spouse or partner. You have also exposed all accounts in joint name with your spouse or partner to such a lawsuit.
3. Title the car in the name of the person who drives the car the most. And yes, make sure this car is insured.
Special Note
The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an attorney that is experienced in Florida estate planning law. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.