relatives car

[floridian]

my elderly mom financed a new car for me in florida... i make the payments and insurance... its all in her name only...
if she were to die, would i be able to continue making the payments and keep the car? how would that play out, being its financed thru GMAC? i dont think i could get insurance on it, since my name does not appear on the registration..

[junker]

i dont think gmac would care WHO is making the payments..but the problem would be when it is paid off...are you the beneficiary of the car in her will? thats probably the main issue..plus renewing the plates could be a problem..it would be best if she added your name to the title,,,as her name/or/your name. i did this when i lived in florida with no problems...that way you would be somewhat protected...and could get your own insurance...if necessary....

[DebtHater]

Like junker said, the car has to be left to you in her will. If it's not it becomes part of her estate and probate court will decide where it goes.

You and her may best seek to advise of an estate planner just to make what needs to be done legally.

[floridian]

i tried to get my name put on the title when she purchased the car, but my credit was shot and they wouldnt let me.

the problem would be the insurance.. im told that i cant get a policy on a car that i dont have a legal interest in.. anyone know about this?

[Mensa1]

At a minimum you should have a durable power of attorney, naming you the "Attorney in Fact". This instrument will legally allow you to license, insure and even sell if need be, the car while Mom is living. The powers would continue if she became incapacitated or incoherent. The only problem here is that the powers of a POA cease upon death.

The other approach would be to title the car to a revocalbe living trust for Mom. Upon her death the trust transfers to the beneficiary of the trust without having to go through probate or any court proceedings, which would continue you use and enjoyment of the vehicle after Mom is gone. These documents, the POA and Revocable living trust, should be prepared by an Atty unless you are more saavy than the avg bear on legalese.

There may be other more streamlined ideas, but those are two that come to mind first.