QUESTION
How can my nephew get everything in his name to keep the car, lower the payments and pay for the car?
Asked on Mar 26th, 2015 on Estate Planning - Illinois
More details to this question:
My father who has passed away bought the car, insured it and my nephew had to have dad’s permission every month to make payment.
2 ANSWERS
You have to transfer title legally. Did Dad have a will? If so, it must be followed and whomever is entitled to the car can then give it to your nephew. If no will, it then passes to the widow, if any, and you and your siblings, if any. Then you can sign over the car to the nephew. Lowering the payments is between the new owner and the lender.
Answered on Mar 30th, 2015 at 3:45 AM
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Transfer title through Secretary of State office. Need to open estate or use small estate affidavit if estate not required. Estate representative needed to transfer title.
Answered on Mar 30th, 2015 at 3:43 AM