Estate executors for car collections

Does anyone know if there are estate executors specifically specializing in automobile collections?

Hypothetical scenario - An 80 year old man owns a collection of 10 classic cars and various parts and collectables worth $1,000,000. His kids have no interest in the cars, so he'd like the collection sold off after his death so the proceeds can be divided among the children.

He also doesn't want the collection sold off for pennies on the dollar, and his children don't know enough about the collection to understand their value, so he would like to find someone, or a company, to act as the executor who understands what the collection is worth and how to best market it.

Any thoughts?
 
Although I think it would be a great idea......

I also think it would be a legal nightmare....and very expensive both before death and after ......

Attorneys would have a field day......:circle:

Also it would depend on what state or country you are in as ALL jurisdictions see probate in differant ways with differant rules applying.....

And then you still have the IRS to deal with....

Hence ..a legal nightmare...

Just my thoughts......
 
I think this is another good example to ger your affairs in order long before you need this taken care of and you should select a proper administrator to settle your estate, one who knows and understands the uniqueness of your estate.

I have already told me wife and others how to handle my cars if I die. It is set up, just like my business and home are.
 
i agree with Mr Carlin. Having an appraisel on the cars is a starting point. Finding someone in the PCS or other car club that knows about the type of car you have would be a good place to start. But Its really important to have a plan in writing BEFORE the time comes!
 
Trusts

Having a family trust set up too is also much better for a direct, no hassle, no time delayed transfer to your heirs. MM
 
This guy looks honest and respectful :yum:

CraigSteve.jpg


But seriously, I agree with James. Alot of research must be done because as he said everyone is going to have their hand out collecting proceeds. Following the Hartung collection auction I can only imagine the expenses incurred (although that was a much larger scale and most everything was worked on to get in running order before auction)
 
A friend of mine passed away last march, his collection of 7 cars was not a million valuable but certainly 20-30K each car. Only one of his son was interested (by one of his cars) and the rest is still well kept by his wife... who consider the cars like if it was an 80's kitchen set...

My friend put his '53 Pontiac in his will to his grand daughter who liked it, but now the rest of the collection is a nightmare for the wife... she know they are valuable, the son dont want to pay to evaluate the real price of each car and they still dont run 5 months later. I know there is a A-1 restored 1932 Ford in the collection and it will probably stay some years under a cover...
 
one more case of give it away before you die. or at least have two names on the title. I'm sorry the valuable part is BS. once your gone all they are is a liability. to let them sit and do nothing cost you. do something and you got to pay people to do it. call the locale auctioneer and sell. he'll make a little you get a little and they are gone. man like Danny works for will get them. they will be cleaned up made running and then become valuable again only after he puts some money into them. once the new owner dies it again becomes stuff you need to deal with and it all starts over. the appraisal is BS, unless you need it to document your loss. they are only worth what they bring today right now at this sale. nothing more, nothing less. you pay a man to tell you it worth 30,000 and when you sell it you only got 10,000 -6% who's off, the seller or the appraiser?? both got there money up front. we know how much you got for it. once you have to deal with stuff from some one that has died you'll understand what I'm saying. it all just stuff. but remember this is the only country in the world you can't give something to some one with paying the government to allow you to do so. more stuff
 
Here in AZ we have a vehicle beneficiary transfer form you fill out and have it notarized. Then you staple it to the title and then when you die it is transfered for the current amount of $4.00 per title/vehicle. It works well. If you don't know who to transfer it to, I can send you my address and I can only promise to enjoy them as much as you do.
 
Simply appoint a trustworthy executor to handle your entire estate and make sure that your executor has the name of the auctioneer/auction house that you would choose to handle the liquidation of your vehicle/parts collection. There are some auctioneers, such as Yvette Vanderbrink, that do amazingly well with project cars, drivers, parts, etc. On beautifully restored, high dollar cars, I would go elsewhere. Unfortunately, many of us refuse to deal with/accept our own mortality, even in instances where it involves long, hard-fought battles with a terminal illness. This doesn't have to be that complicated. The deceased individual just made it that way by not doing adequate estate planning. In those instances that turn into a probate mess, it is the deceased that is to blame..... not the greedy survivors.
 
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