Do you have a plan for your cars after you're gone?

I got news yesterday that an old friend passed away suddenly. This guy was a big influence on me when I was a budding gearhead, and a true GRM'er-in-spirit before I even knew what that was. As such, he had a small horde of cool, unique cars. Among his rides over the years were a bunch of Alfas, a Galant VR4, a Fiero, a MGB GT, an AMC Eagle Wagon, a Neon ACR, and more.  I even sold my project CSX to him a few years back. He was the first person I met that had a Turbo Mopar (an Omni GLHS!), and he taught me all about them very early on when I had no idea that they were even a thing. He was amped beyond belief when I decided to sell it. 

Last time I was over his place was when I dropped off the CSX. At that time, he had quite the fleet; I counted at least 10 cars on the property! I imagine that they are mostly still there. It was a borderline hoarder situation when it came to cool, obscure cars. He left a wife, son, and daughter, and I'm not sure if they are even into cars. They sort of were by association, and both the daughter and son drove various parts of his fleet over the years. 

This got me thinking: do you have a plan in place if something were to happen to you? We are not getting any younger, and I know some of you have even more than my friend had. Hate to bring something this morbid up, but I'm feeling awful for my friend's family right now. Not only do they have to deal with the death of my friend, but they now have to deal with what to do with all of his cars. 

I wonder what Jay Leno's plan is?

Everything I have is being left to my nephew. He can do what he wants with it all, burn it I dont care. I will be gone.

My daughter is going to inherit the duster.

Other than that, my wife is to liquidate the collection. 

I've owned a lot but try to keep it to one or two cars so its not too much hassle to deal with. Pretty low dollar value stuff so not much too lose on that end.

My uncle bought a 1965 Shelby Mustang brand new.  He flew to California for his honeymoon and drove it back.  He’s sick and elderly.  The son-in-law keeps it running and well hidden.   They are private and ignore my requests to stop by to see it again and maybe do a story.  

I want to know their plans but nobody’s talking.....

In reply to Tony Sestito : Many collectors really don’t and too often neat cars/ projects become junk hauled away.  

I know I guy who specializes in being friends to those near their end with interesting collections.  

To be fair to him he doesn’t sell what is given to him, just adds it to his already massive collection.  

When he passes away though there will be hundreds of cars from the 1900’s through the 1950’s  to be disposed.  Last I saw he had buildings full as tight as he could get. Not just garages but barns and big sheds full.   With no family left and his only friends much older than him. I wonder what will happen to all of them?  

If I am able to, I imagine I will start to liquidate to a good home if and when I admit the time has come. Scrap-man can take the dregs.

If it should come to pass that I just wake up dead one morning, the wife has a plan for everything in my shop. Her one stipulation is that you must take everything leaving a clean shop behind.

Pete

nderwater said:

I wonder what Jay Leno's plan is?

Good question, since he doesn't have any kids. I would imagine he'll donate everything to a museum or something.

Tom_Spangler said:

nderwater said:

I wonder what Jay Leno's plan is?

Good question, since he doesn't have any kids. I would imagine he'll donate everything to a museum or something.

I suspect he'll probably setup a trust that will start it's own museum; ala the Peterson?  I mean, they're not far off from one already.

Tom_Spangler said:

nderwater said:

I wonder what Jay Leno's plan is?

Good question, since he doesn't have any kids. I would imagine he'll donate everything to a museum or something.

I would think they'd just leave them where they are and turn the place into a museum around them.

I've thought about it.  Right now, my only close relative is my mother so if something were to happen to me she gets everything.  Since my parents were relatively young when I was born (22), I don't assume it is a given I will out-live her.  If I do out-live her, I'm not sure what I'll do.  

I have a file cabinet where I keep folders with all relevant paperwork for all of my cars.  Titles are also kept here although I have plans to move them to a fire/water resistant safe.

When I get parts and what-not, I try to write on the box what it is and what it's for, so it's not just a box with some random car part inside.

My bicycles and music gear represent a similar problem.

Leno hints about "after him" plans.  I don't think he likes the idea of a museum since I think he fears they won't get driven and enjoyed.  My guess is a giant auction for charity, since I'm sure his wife will be fine regardless of the collection and he doesn't have any kids.

In reply to edizzle89 :

Jay Leno’s an interesting guy.  It makes you wonder how much he is sitting on?  And all those cars?  And where it’s all going?   

https://www.cnbc.com/amp/2017/12/29/jay-leno-has-never-spent-his-tonight-show-money.html

sleepyhead said:

Tom_Spangler said:

nderwater said:

I wonder what Jay Leno's plan is?

Good question, since he doesn't have any kids. I would imagine he'll donate everything to a museum or something.

I suspect he'll probably setup a trust that will start it's own museum; ala the Peterson?  I mean, they're not far off from one already.

I suspect he has a plan, otherwise Mavis will auction it off and take a cruise. 

I have a living trust and a will.  Basically, the trust exists to define who manages my estate to take care of my kids until they reach certain milestones/ages, and the will exists to define how all my E36 M3 gets converted to $ and distributed after that.

i think.

perhaps I didn't explain it accurately, but it's something like that.

I don't have any cars at the present time that would be collectable or have any meaning to anyone, but I do have a few firearms that have family history.

Those are detailed in my will along with instructions to liquidate the rest of the collection along with all of our other possessions.

I would do the same with any special vehicles.

We've already given most of the remaining family heirlooms to our kids/grandkids, so there shouldn't be anything for them to fight over. Sell it all and split the $75 they get for the rest of our crap! 

My kids are car people. They can figure it out. 

After I am dead and gone, I plan for them to be perpetually broken, just as they are today.

I've got a good friend (late 40s, so not old) who will admit to owning 109 cars (though I suspect the number is higher). Some really cool stuff, some family stuff, a dozen Ford Tempos. No kids, wife, girlfriend, younger siblings,nieces or nephews. He told me that he'll leave me his white 89 SHO when I asked him this very question. As for me, I own two cars, one my wife drives and one I drive, and if something happens to one or both of us they would be sold to help pay for the raising of our kid(s)

No plans, they'd be assets to be sold like anything else, would be nice if they went to someone who needs a car and who would take care of them, but if not, I wouldn't be around to be upset. Cars don't have to be a burden, if you want them gone just sell them cheap. I'm not old enough to have much reason to worry about it yet anyway.

I have a friend who's brother died young, his mom keeps the dead brother's Mercedes sedan like a shrine...that's kind of sad.

My speed 3, if it still exists, will go to my child, or swmbo as a memorial. I suspect the rest of it is worth approximately its weight in scrap and will be treated accordingly. 

Mine will be sold off, with the procedes going to help support my wife.  

I have car friends that I trust who will help her with the sales. 

My problem is i have guys who claim they’re leaving their stuff to me.  One friend who is north of 70 and has no living kids to leave anything to tells me every time i see him that his 04 marauder is willed to me.  My uncle said the entirety of his garage and gun collection go to me.  Carli’s uncle has no kids and is leaving us and her brother all his vehicles, land, cabin, and he has 30+ antique tractors.  Couple that with both of our parents and we’re boned when that generation starts passing away

My zephyr goes to my wife if I out live her. She will leave it sit in the garage like a shrine. If she passes first I'll let the twins decide if they want too keep it or not. Same with the vintage bicycles, books and tools.