Mark Kohler explains how to move a vehicle title into a revocable living trust after paying off the loan. Once the loan is gone, register the car at the DMV in the trust's name so your trustee can quickly transfer or sell it. Keep the title and a copy of the trust in a fireproof safe.
What we're worried about is transferring the title upon your death. First, transfer the title when you can into your trust. And again, if you have an auto loan, RV loan, truck loan, something like that, most of the banks and the lenders, they're not going to make that easy. You're typically going to buy the vehicle in your name and then your name's going to be on title. So be it. But if the vehicle's paid off, when it comes around the next time to register the vehicle, take the time, please, to go into the DMV and put it in the trust name. If anything happens to you, boom, bada-bang, your trustee could move the title to where it needs to go. Even sell the vehicle more easily. Very, very important. So we want to keep the title in our fireproof safe with a copy of our trust and have the trust on title. That makes everything so much easier.
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