Things to know if you want to sell a deceased person's car
When trying to sell a car whose owner is deceased, there are some laws and jurisdictions you need to know about. You will know this way who owns the vehicle after the death of its initial owner. In order to sell it, you need the lawful title of the vehicle.
Usually the title of the car goes to the rightful heirs or beneficiaries of the estate. The way the property is distributed is set forth by a will or other legal document. So make sure you check this to know you can really sell the car in your name.
There is a situation where the owner doesn’t leave a will, this is called a dying intestate. In this case, it remains for the state to decide who the heirs of the deceased person are and who rightfully owns the car. But this may take years making the task to sell the car really hard.
In the case the living heirs have an agreement about who gets the car; you are able to sell in right away. Anyway, this agreement may mean that the proceeds of the sale are split equally among the heirs.
In some cases, the IRS may have an interest in selling an estate in order to get the taxes on it. If the value of the estate is several million dollars, than the percentage of the tax liabilities is somewhere between 45 and 55 percent.
|selling a car, selling a deceased person's car|