RE: Legal Question and Ownership

[fstringham7a]

What have you VAF folks done in regards to owning your aircraft and protecting your estate.

Wide open question for sure but I think important.

My wife said, "if you were to die....not in the plane.... how would the aircarft transfer ownership so that I can sell it". For me right now the plane is in my name on the FAA and state paper work????

Frank @ 1L8 ... RV7A ... Flying and Tracken (MT-RTG)

[Mel]

It depends a lot on how it is listed in your will. You do have a will, don't you?
Seriously, Ann & I waited way too long to get our wills in order, but we have everything properly listed now.
Another good idea is to get everything listed in both your names. That way if one of you goes, everything is still owned by the surviving person.

[Vern]

The executor can work with the FAA in Okc and get the registration changed.There is info on www.FAA.gov and the folks out there are very helpful.

[RWoodard]

Hi Frank,

Vern is correct. When you die (with or without a Will), someone with an interest in your estate will initiate probate proceedings. As part of these probate proceedings the courts will issue "Letters Testamentary" to a "Personal Representative." (formerly known as "Executor") These Letters are sort of like a super-powerful Power of Attorney.

Armed with the Letters Testamentary, your Personal Representative has the power to transfer your assets (including your airplane) to the appropriate beneficiaries as designated in your Will, if you have one, or pursuant to the laws of your state if you don't have a Will.

I'm not licensed to practice law in Utah, but I am and have been licensed in Colorado since 1995. I'm confident in the above description because both Colorado and Utah have adopted the Uniform Probate Code which is a standardized set of laws dealing with--you guessed it--probate matters!

Hope this helps.

Rod

Full-time pilot, part-time attorney.