What do I need to state that a vehicle goes to someone else in the case of my death?
Full Question:
Answer:
We cannot give legal advice. The following is not a substitute for the advice of a local attorney. But we hope the information will be useful.
If you die, your estate will step into your shoes, so to speak. Your employee will continue to make payments to your estate, instead of to you personally. In order for the executor of your estate to understand this arrangement, you need to have a written record of it placed with your will. Also make the agreement known to the person who you believe will be the executor of your estate in the event of your death.
Just write down the situation, including WHY you have done this for your employee. (Not that she couldn't finance the car, but how YOU are benefitting from her driving this car - ie, you needed her to have a nice car to make a good impression for the benefit of your business's image, or whatever reason you have for doing this.)
State that in the event of your death, she will continue to make the payments to your estate.
Both of you sign and date the agreement. Each of you should have a signed copy. Place another copy with your will.
This should take care of the situation.
