bob turner
Registered User
I just became aware of a problem area - if I am the sole registered owner of my Cubs, they will most likely go through probate even if I list them on a trust.
It has been said that if I change my title to read “bob turner as trustee”, it may be possible to instantly transfer title to a stated beneficiary the day I croak. That is not as clear as it should be - I would own the aircraft as trustee, but upon my unlikely death, I would be unable to sign a bill of sale.
This has to be standard stuff - I was just unaware of the possibility that FAA ownership might be vastly different from, say, that of a Ferrari. What have you all discovered that works?
Probate is expensive, and the estate gets to pay tie-down and insurance while the aircraft deteriorates - often more than a year!
It has been said that if I change my title to read “bob turner as trustee”, it may be possible to instantly transfer title to a stated beneficiary the day I croak. That is not as clear as it should be - I would own the aircraft as trustee, but upon my unlikely death, I would be unable to sign a bill of sale.
This has to be standard stuff - I was just unaware of the possibility that FAA ownership might be vastly different from, say, that of a Ferrari. What have you all discovered that works?
Probate is expensive, and the estate gets to pay tie-down and insurance while the aircraft deteriorates - often more than a year!