You may be wondering, Do I need to put my cars in my living trust? Here’s the short answer: if you are talking about the cars you use every day to go to and from work, you probably do not need to bother going down to the DMV and changing your ownership records. After all, who wants to go to the DMV anyway?
In California, most cars and other vehicles are transferred outside of probate by filling out DMV Form REG 5. For estates with assets that can be probated, assets under $150,000 such as a car can be transferred by an affidavit signed by all heirs entitled to the specific piece of personal property. Assets in a trust or joint tenancy don’t count toward the $150,000 limit.
So with a car, if you made a specific bequest of a vehicle, your loved one can just fill out REG 5 and file it with the DMV 40 days after your loved one’s death. You will need a death certificate to transfer the vehicle to your name.
If the cars are antiques or have a high value such as a Ferrari, a Maserati, or the like, you may want to title the car in the name of the trust. If you really want to make sure your cars never have to go through probate, you could title them all to the current trustee of the trust.
If you purchase a new car, that would be the perfect time to title your car into your living trust.
