With more and more of my friends passing on I have been thinking of how I should instruct my wife or remaining family on the handling of the sale of my RV7A if I should unexpectedly go West. Any suggestions?
With more and more of my friends passing on I have been thinking of how I should instruct my wife or remaining family on the handling of the sale of my RV7A if I should unexpectedly go West. Any suggestions?
Obtain and fill out faa registration procedures for an eventual transfer,
. Put it in files for spouse
Having helped someone with this before, IIRC, there was an extra piece of paper needed from Probate court, showing the spouse now has full ownership over property formerly in her husband's name.
This is what I did but, since the Trustee knows nothing about aircraft or how to dispose of one, also provided the Trustee a contact in my local EAA Chapter and another friend or two who were "aviation smart". Hopefully, that would give them a bit of a leg up in dealing with something they knew nothing about.Create a revocable trust, have the plane owned by the trust, and there is no probate. The successor trustee disposes of the plane with no lawyers or courts involved.
All my assets are owned by my trust. When I go, my sister disperses assets per the instructions in the trust. If there is no particular instruction, she uses her own best judgement based on her knowledge of my wishes.
YMMV....
...A box of logbooks and manuals should be clearly labeled goes with plane...Spouse should know where it is
Obtain and fill out faa registration procedures for an eventual transfer. Put it in files for spouse
The FAA wants a copy of the entire trust document, not just the certification that satisfies most institutions. No way in HE-double-L was I going to divulge our personal trust to bureaucrats. The trust "Pours over" assets into the trust not specifically titled to the trust, so surviving or successor trustees can manipulate the assets as trust property. Talk it over with your counsel. I would imagine the FAA would make selling a trust-titled aircraft a PITA as well.
As to the FAA, both aircraft are in my name. It's the easiest way to buy and sell an aircraft. If it comes to it, my wife knows to sign the 8050-2 in my stead. Know one else needs to know. Shoot, shovel, and shut up.