The DMV Denied Registering The Vehicle Because It's In An Irrevocable Trust
Some states only permit a revocable trust to hold a vehicle; however, no current state registration forms ask if a trust is revocable or irrevocable. Therefore, most registrations can "slip through" by filling out all the necessary documents beforehand for the clerk.
Related Articles
Decanting an Irrevocable Trust
Decanting allows trustees to change some provisions of an irrevocable trust by 'pouring' the assets into a new trust with modified terms. Decanting may be authorized by the express terms of the trust instrument, by common law, or by state statute. ...
How Much Will Taxes Be With Vehicle Sold To The Trust
If the vehicle is sold for $1 then the taxes are minimal, but be aware that some have NADA/Kelly Blue Book appraisal requirements which will deny $1 values being listed. Once the transaction occurs between one's self and a trust, notify the State’s ...
Bank Denial For Opening A Trust Account
One may need to try the same bank but a different branch. Most students don't have issues, but everyone has opened a trust account after a 2-3 tries. It all depends on the attorney's interpretation of the trust indenture.
Is A License Plate Necessary When Vehicle Is Private
It’s true, vehicle license plates are not required by law, per UCC 9-109, yet we recommend keeping the licensed plates and merely adding the Fee Schedule as an Addendum to the Driver’s License application. The Fee Schedule will lay out penalties for ...
Can The Irrevocable Trust Indenture Be Modified
Yes, this is known as consent modification. 1) Get authorization from the grantor/creator + all beneficiaries + all trustees to make any and all changes to the trust indenture. When a minor or unborn person is a beneficiary, consent on the ...