Checklist: Vehicle Disposition
Ensure a smooth and organized process for managing vehicles after a loved one’s passing with this comprehensive Vehicle Disposition Checklist.
- Identify all vehicles owned by the deceased.
- Verify the current location of each vehicle (garage, storage, etc.).
- Collect all sets of keys for each vehicle, including any spare keys.
- Thoroughly empty the vehicle, including:- Glove box- Trunk- Center console- All compartments and storage areas
- Remove any personal items, paperwork, and valuables.
- Locate the vehicle’s title, registration, and insurance documents.
- Verify that the title is in the deceased’s name and that there are no liens.
- Research the current market value of the vehicle using resources like Kelley Blue Book or a local dealer.
- Consider getting a professional appraisal if needed.
- Check if there are any outstanding loans or liens on the vehicle.
- Contact the lender to discuss the payoff process or transfer of the loan.
- If transferring ownership to an heir:
– Provide the new owner with the title, registration, and keys.
– Complete the necessary transfer paperwork with the DMV. - If selling the vehicle:
– Decide whether to sell privately, trade in, or sell to a dealer.
– Gather necessary documents (title, bill of sale, etc.).
– Complete the sale and transfer of ownership.
- Contact the insurance company to cancel or transfer the vehicle’s insurance policy.
- Ensure there is no gap in coverage if the vehicle is being transferred.
- Inform the DMV of the transfer or sale.
- Update the estate’s records to reflect the transfer or sale.
- Notify any applicable financial institutions of the disposition of the vehicle.
- Deposit any proceeds from the sale into the estate account.
- Document the disposition of the vehicle in the estate’s records.
Leave Your Heirs The Gift Of Organization With a CLEAR Kit
Did you know?
The average estate takes 570 hours to administer.
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