No one likes to think about inheritances. They can be a fantastic windfall for many people, but to get them, someone has to die. That’s why we often don’t prepare for them, and end up scrambling to sort through the will, probate and any related inheritance paperwork. One tricky thing to navigate is car inheritance. What should you do if you inherit a classic BMW?
The first thing you’ll have to do is navigate the paperwork — which can be a pain if your deceased relative didn’t leave a will, or you don’t have an inheritance lawyer to help you figure it out.
If they did leave a will, once the will has gone through probate, all you will need is the car title and a copy of the probated will to transfer the car title into your name. Once that’s done, the car is yours.
If they didn’t leave a will, you will still need the title, but in addition to that, you will also need a letter signed by all the heirs stating the car belongs to you. If the inheritance gets contested, will or no will, you will absolutely need a lawyer in your corner to help iron out the wrinkles.
Bring the Car Home
Step two is bringing your new car home. This can be tricky, depending on where the car is and whether it is running at the time. If it drives well, you can drive it home with you. If it won’t start, you’re left either paying for an auto shipper to bring the car home to you, or renting an A-frame trailer to tow it home yourself.
Towing it yourself is the cheaper of the two options — even if your car doesn’t have the kind of towing capacity you need, renting a truck and an A-frame to tow your new car home is still more cost-effective than paying for an auto shipper.
Storing the New Car
Storage is especially important with a classic BMW — they tend to be quite popular with car thieves, so the last thing you want is to bring your new BMW home and leave it in the driveway. Make sure you have somewhere safe to store your new car before you bring it home — this could be in your garage, in a local storage unit or in a family member’s garage until you can clean all the clutter that is currently in yours.
It becomes especially important if your deceased friend or relative was a collector and you inherited a bunch of different cars. Selling a few of them is an option, but if you want to keep the collection together, you will need a large garage to store them in. Make sure you invest in a good commercial garage door, so you can easily get your cars in and out, but can also ensure your inheritance is secure.
Inheriting a car or a collection of cars can be an excellent way to get your hands on some amazing classics. Just make sure you’re prepared to navigate the inheritance paperwork and have somewhere to store them when you finally get them home.