After your Trust is signed, you must take steps to fund it with your Trust Property.\u00a0 If you do not fund the Trust with your Trust Property, the Trust may not be effective, and your estate may have to go through probate upon your death.<\/p>\n
Your vehicle has a title, and is an asset, so should you fund that into your Trust as well?\u00a0 We generally recommend you do not<\/u> fund your vehicle into your Trust, whether it\u2019s your daily driver or your show-worthy project car.\u00a0 There are several reasons for this.<\/p>\n
First, there is always the risk that your vehicle will be involved in an accident, and perhaps thus involved in a lawsuit.\u00a0 If your vehicle title is under the name of your Trust, then the Trust may be joined into the lawsuit as a defendant.\u00a0 This could put your other Trust Property at risk, and no one wants an adversarial attorney plunging into their private estate planning information.<\/p>\n
Secondly, your insurance company may not be able to insure the vehicle if it\u2019s under the name of your Trust.\u00a0 If your insurance company does<\/u> insure the vehicle, it may liken the Trust to a business and so your rates may go up.<\/p>\n
Funding your vehicle into a Trust brings risk, and that risk generally isn\u2019t worth it.\u00a0 Especially since there are many states that will allow your executor to bring certain documents (like the vehicle title, the death certificate, and a copy of your Will) to the DMV for a transfer of the title without probate.\u00a0 And don\u2019t worry, your Islamic Trust or Islamic Family Waqf comes with a Pour Over Will, so in these circumstances your executor can bring that to the DMV and leave your Trust at home.<\/p>\n","protected":false},"excerpt":{"rendered":"
Learn how to fund your trust with vehicles for Muslim Americans. Islamic estate planning explained.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"banner_title":"Funding your Trust","banner_subtitle":"Vehicles","footnotes":""},"categories":[387,386],"tags":[391,389,392,41,388,390,404,570],"class_list":["post-626","post","type-post","status-publish","format-standard","hentry","category-funding-your-trust","category-islamic-estate-planning","tag-family-waqf","tag-funding","tag-funding-your-trust","tag-islamic-estate-plan","tag-islamic-trust","tag-trust","tag-vehicles","tag-your"],"yoast_head":"\n