Thoughtful estate planning for collections protects a lifetime of passion, helping families navigate inheritance, trusts, charitable giving, and long-term legacy goals.
By Steve Harlan – Vice President & Wealth Management Advisor
For automotive enthusiasts, collectible vehicles represent more than transportation. They embody craftsmanship, history, and the thrill of the open road. Whether it’s a beautifully restored classic Pontiac GTO from the muscle car era or a modern powerhouse like the Dodge Charger SRT Hellcat, your vehicles are more than assets—they’re part of your story.
When it comes to financial and estate planning, these prized possessions are often overlooked. Making sure your vehicles are properly accounted for in your estate plan can help protect both their value and your legacy.
Ownership
As with real estate or investment accounts, how your vehicles are titled determines how they are managed and transferred. A vehicle titled in your individual name will likely pass through probate at the time of your death. That process can be lengthy, public, and it may not align with your intentions for the collection.
One way to avoid the probate process, if allowed in your state, is to name a Transfer on Death (TOD) beneficiary on the vehicle title. The local Department of Motor Vehicles (DMV) office can assist you. Upon your death, the TOD beneficiary can retitle the vehicle under their ownership with an original death certificate and the original title.
Some collectors may prefer the privacy protections provided by a revocable living trust. A vehicle titled to a trust will be distributed according to the trust terms.
Speak to your estate planning attorney about the option of creating a “collectibles schedule”. A schedule can record details for each vehicle and may serve as a roadmap for distribution, sale or future management. A schedule can be included with a revocable living trust or a last will and testament.
Insurance, Appraisal, and Documentation
Many times, collectible vehicles require specialized insurance coverage. Standard auto policies often don’t provide adequate protection for vehicles that are rarely driven or that have appreciated significantly in value. Consider a collector or agreed-value policy, and make sure the ownership listed on the policy matches the way the vehicle is titled.
Equally important is having an independent, third-party appraisal. Market values for collectible vehicles fluctuate, and a professional appraiser can establish an agreed-upon value that reflects current conditions. This valuation supports proper insurance coverage, estate reporting, and equitable treatment among heirs. Updating these appraisals every few years, or after a major restoration, is good practice.
Keep thorough records, including purchase receipts, restoration documentation, and photos. Storing these with your estate planning documents makes it much easier for your executor or trustee to manage your collection effectively.
Preserving Legacy
A thoughtfully structured estate plan does more than protect financial value—it preserves your passion. Passing your vehicles down to family members, donating them to a museum, or ensuring they are sold to other enthusiasts becomes effortless when your wishes are clearly documented.
Your collection tells a story of dedication and appreciation for the art of the automobile. Whether it’s a classic GTO or a modern supercharged Hellcat, work with your team of estate planning professionals to write the story of your passion and your legacy.
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