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Mar 17, 2015

Should My Living Trust Own My Car?

Unless the car is valuable and substantially increases your estate, you will probably not want it in your trust. The reason is that if you are at fault in an auto accident and the injured party sees that your car is owned by a trust, he or she may think “deep pockets” and be more likely to sue you.

All states allow a small amount of assets to transfer outside of probate, and the value of your car may be within this limit. Some states let you name a beneficiary. In some states cars do not even go through probate. Your attorney will know the laws and procedures in your state and will be able to advise you.

Categories: Estate Planning

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My name is Diana Hale, and I serve families and business owners in Denver, Colorado Springs, and the surrounding metro areas.

2000 S. Colorado Blvd.
Tower One, Suite 2000
Denver, CO 80222
Dir.: (720) 739-1799
Fax.: (888) 552-6580
Diana@HaleEstatePlanning.com

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2000 S. Colorado Blvd., Tower One, Suite 2000 | Denver, CO 80222
800-686-0168 | 720-739-1799 | 719-623-5822

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This website includes general information about estate planning, probate, and business law. These materials are for informational purposes only. They are not intended to be legal advice regarding any particular set of facts or circumstances. You need to contact a lawyer licensed in your jurisdiction for advice regarding your specific legal issues.