In New Jersey, it is not proper to "add" someone's name to the title after the owner's death. That automobile now belongs to the person who receives it under the will and a new title has to be made in the same way a new one would be made if the decedent had sold the car while he was alive. I can't understand why the State would say that a person can be added to the title to a car of a now deceased person. As for the bank, it has every right to refuse to change title that way because it made the car loan to the decedent and the bank cannot be forced to now have a loan with someone else. The loan papers most likely say that if the owner dies, the loan becomes payable in full. This answer is given for informational purposes only and may not be taken as legal advice.
The car becomes part of the estate. The executor of the estate can have the vehicle transferred to the appropriate party as they settle the estate. The estate will also be responsible for eliminating any debt involved, if a balance is owed on the car.
The estate Executor and/or the court will either assign the title or sell the vehicle. If it is part of your bequest the executor will do this with you.
Yes, the executor can sell the vehicle. They have to resolve any lien against the vehicle. They should have a letter of authorization that allows them to act on behalf of the estate.
The executor of the estate informs the lien holder. The vehicle is then either paid off by the estate, or the vehicle is sold. In some cases, they executor may turn the vehicle over to the bank or loan holder.
Chances are 20%
The estate can sell the car to the executor. They will have to demonstrate to the court that they paid a fair market value for the vehicle. Essentially, the executor pays the estate for the car and the estate settles the car loan.
Yes they can, but the there are 4 heirs, then at least 3 have to agree. The vehicle is just part of the Estate. Sometimes there are boats or other properties involved. Even homes can be sold with the agreement of all involved in the well as most people would rather have the money. If one of the Heirs (perhaps a son or daughter) really wants to buy and live in the home as long as they pay the market value of that home they can do so and that money goes into the Estate and is divided equally by the other Heirs. Marcy
It is believed to be originated from the Latin
Yes, they have that power. However, if any money (a loan) was owed on the vehicle by the deceased, the Executor, on behalf of the estate, must pay off the lienholder.
yes.
They can sell the vehicle to anyone. That allows them to get money to pay the debts.
The executor of the estate would need to apply for a lost title at the motor vehicle office in which the deceased lived or the car was registered.