[JonJay]

If something happens to you, what happens to your airplane(s)? Most of our family, spouses, loved ones, are ill prepared to deal with the unique nature of selling or disposing of an aircraft. If we are lucky, friends who know what they are doing step up and care for them, make sure they are not taken advantage of, and help to minimize this part of the stress in their life. If we are really lucky, you have family that fly and want to have the airplanes.

None of us want to put undue burden on our love ones when we are gone.
What I have done in my directive should I pass is assigned two of my trusted neighbors in the airpark the responsibility of assisting in the sale of the aircraft. I met with each of them and asked them if they would be willing to do this. I then wrote them into my directive and assigned $2500 to each person out of my estate. The $2500 is there to cover advertising, storage, movement, inspections, and other expenses associated with the sale of an aircraft. They are responsible for valuing the machines and ultimately settling on the sale.

The only reason I have a Will and Directive is to insure my family does not have a mess when I leave. It has less to do about the money, and everything to do with minimizing the pain and hassle of whats left after my passing.

Not a fun subject but I want to know what others have done. Perhaps there are some better ideas out there.

 

[PerfTech]

.... I am very interested to hear what options other people have come up with, and any and all information on this subject will be helpful. I am not getting any younger and like it or not, the possibility exists, though it remote, that I could meet my demise sometime in the next 100 years or so. Thanks, Allan...

 

[RickWoodall]

Idea

Just another thing to consider, is how is your paperwork? I flew a buddy up to look at a used homebuilt. Very nice plane but the paperwork was a complete disaster, missing all sorts of critical pieces. Your plane is a very valuable asset. If you are GONE, there is nobody left to explain how good it is, or clarify that you did do that or yes that is currrent or done. Dig our your logs, annuals etc and ensure all is as well documented and clear and complete. Nobody wants to go searching for it all, or put the puzzle together or take 75% of value because you were lazy or didnt like paperwork. I came home from that prebuy and spend about 6 hours getting all my stuff right up to date and complete. Good lesson for me.

 

[Vern]

Planning

>Always have a bud on your insurance who could demo/deliver your bird in case of your sickness or death. Tell family about it.

>I have a milk crate/box labeled for each plane with all docs in it."Goes with RV-6A" etc.

>Leave family a file with details about who knows your plane and hangar details complete with names, phone numbers, and emails. Include who they should avoid in dealings also.

 

[pierre smith]

My wife and I both have wills and we also have friends in the Ag business and many RV friends as well.

Our RV friends include an A&P/IA RV builder assist center for unloading the RV when I die and the Ag friends and dealers for my two Air Tractors.

To that end, I've sold my hangar to the city under a grant they received because in a little 2,500 population country town, no-one wants a hangar and my competition's widow took 6 years to sell her late husband's hangar until the city received a grant to buy it as well.

The rest of the tools, woodworking equipment that's left, will be sold at a big auction, after the tools and equipment that my kids inherit.

Best,

 

[flyboy1963]

timely action of the essence!

I don't have as good a plan as most of you guys, but my only comment is that directives in the will may leave a big pile of aluminum in the bush or at the end of the runway..... for longer than you'd like.
I think I'd like to see a big red "OPEN in case of emergency" folder on the side of the fridge in the workshop or office, that my wife or buddy can open, and make the first important phone calls!
Your 'airguy' contact to do the legwork, with that expense account ( great idea!) calls the Insurance company, police, FAA/MOT , hangar partner etc....... or others as you deem applicable to your situation.

almost needless to say, this thing has to be kept current, so include home phone and addresses, rather than just cel phone #'s.

 

[TomVal]

Access to Records...

In 2002 I sold my PT-22 to a gentleman in Georgia. Along with the sale I sent him all the detailed maintenance records and military history of the aircraft.

Last month I received a call from a new owner. My buyer had passed away and his family was conducting an estate sale to include six of his airplanes. The family could not locate the records of any of the aircraft! Thus I received an inquiry from the new buyer and did my best to provide him with background information.

Wrt the chain of ownership, it was brought to my attention that I was the only surviving owner of record on the -22 , thus I was his only contact.

In the event of your demise, to save your family from the additional grief of having to dispose of your toys, please keep access of your aircraft records readily available to them.

 

[Bob Axsom]

This is a very difficult issue to deal with

Well I won't go into it but as the last survivor you are not exempt from it. I am torn between two horrors, seeing a lawyer and having the state take my property and money.

Bob Axsom