Leaving Behind Boats and Vehicles in Your Boca Raton Estate Plan
As a coastal city, Boca Raton is home to numerous residents who enjoy boating. Your boat might be your pride and joy, and you may have many happy memories with your family on the water. Due to the special significance of this asset, you might want to pay close attention to it during estate planning in Boca Raton. What kinds of steps should you take when approaching boats and other vehicles during estate planning? Can an estate planning lawyer help?
The Importance of Addressing Boats and Vehicles in Your Estate Plan
Although your boat might seem less important than your home or brokerage account, it is something worth considering during estate planning. This vehicle is “titled,” which means it probably falls under your personal estate by default. All personal property has the potential to complicate and delay probate, and your boat might make probate needless complex for your family members. To avoid these time-consuming confusions, it is best to carefully integrate your boat into your estate plan.
Should I Put My Boat in a Will or Trust?
The obvious solution is to put your boat in your Will. This is probably the most affordable option for most families, and it will ensure that the asset passes to a beneficiary of your choosing. This might be someone who understands how to maintain and operate the boat. Perhaps this beneficiary is a son or grandson who shares your passion for boating or fishing. Whatever the case may be, it makes sense to choose a beneficiary who knows how to take care of the boat or vehicle.
A trust represents a more advanced estate planning option. When you put your boat in a trust, you can avoid having the asset pass through probate. Instead, the boat passes almost directly to your beneficiary with minimal legal processes. Trusts may also help set aside funds for maintenance, moorage, and other fees associated with boat ownership. For example, you can instruct a trustee to set aside trust funds to cover these fees, thereby reducing ownership costs for your beneficiary.
Should I Give My Boat to My Beneficiary During Life?
Gifting is another legitimate estate planning strategy that may apply in this scenario. When you give your boat directly to your beneficiary during life, you can experience numerous estate planning advantages. You can also enjoy the feeling of watching your loved one enjoy their gift.
The Benefits of Selling the Boat Before You Pass Away
If your family members are unable or unwilling to accept the responsibility of owning a boat after you pass away, you might want to consider selling the asset. This could alleviate a significant burden that your family would otherwise inherit. You might be particularly interested in selling the boat if you are the only one who feels enthusiastic about boating as a hobby.
Can an Estate Planning Lawyer in Boca Raton Help Me?
An estate planning lawyer in Boca Raton may be able to help you plan effectively when approaching boats and other vehicles. Families may need to consider the unique aspects of boats during estate planning, such as moorage fees, maintenance, and licensing requirements. Learn more by contacting 411 Probate today.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0733/0733.html