Should You Put Your Collectible Cars Into Your Revocable Trust?
By Scott Solkoff, Esq.
Florida Bar Board Certified Specialist in Elder Law ACTEC Fellow
Founder, Elder Law College
Solkoff Legal, P.A. | Delray Beach, Florida
Introduction
If you own collectible cars—whether it’s a vintage Porsche, a classic Corvette, or a carefully curated collection—you’ve likely asked an important question:
Should these vehicles be titled in your revocable trust?
The answer is not simply “yes” or “no.” Like most things in estate planning, it depends on how the asset is used, how valuable it is, and what you want to happen to it when you’re no longer able to manage it yourself.
Why Consider Putting Collector Cars in Your Trust?
Avoiding Probate
If a vehicle is titled in your individual name, it will typically need to go through probate before your family can transfer or sell it. When titled in your trust, your successor trustee can act immediately without court involvement.
Ensuring Proper Management
Collectible cars require proper storage, maintenance, and insurance. A trust allows seamless management if you become incapacitated.
Creating a Clear Plan for Distribution
Without clear instructions, dividing collectible assets “equally” can create conflict. A trust allows you to assign specific cars or provide structured buyout options.
Maintaining Privacy
A revocable trust keeps your affairs private, unlike probate.
Where Things Get Complicated
Title and Registration Issues
Florida allows trust ownership, but it must be done correctly to avoid delays.
Insurance Considerations
Some insurers require endorsements or prefer individual ownership.
Liability Exposure
A revocable trust does not shield you from liability.
Practical Use
Frequent use vehicles may be easier to keep outside the trust.
A Smarter Approach
Balanced Strategy
High-value collectible vehicles ® Trust Daily-use vehicles ® Individual ownership
Also consider a General Assignment of Tangible Personal Property.
Final Thoughts
Handled properly, your estate plan protects value, simplifies administration, and prevents disputes. At Solkoff Legal, P.A., we design plans that work in the real world.
If you own collectible cars, we would be happy to guide you in structuring your plan properly.
