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Hi. My name is Phil Rarick. I am a Miami Asset Protection attorney with Rarick & Beskin located
in Miami Lakes, Florida.
A common question we receive for persons who have prepared revocable living trusts is what
do I do about title or registration for my cars. Unless your car is a Maserati or you
have a collection of valuable old cars, here are three rules to follow if you live in Florida:
Rule #1. Do not title or register the car in your trust. A car is more likely to be
a "lawsuit on wheels" than a valuable asset. There is no advantage to putting your car
in the trust as cars do not need to be probated in Florida unless you have more than two cars
in your name. If you have a collection of cars, then contact our office for further
advice.
Rule #2. If married or living with a partner, do not title the car in joint name. By doing
this, you have now given a personal injury attorney two people to sue: you and your spouse
or partner. You have also exposed all accounts in joint name with your spouse or partner
to such a lawsuit.
Rule #3. Title the car in the name of the person who drives the car the most. And yes,
make sure this car is insured.
A car is simply one example of why it is important to make sure your assets are properly titled.
You should periodically review how all your major assets are titled. As a Miami asset
protection attorney, I will be happy to meet with you and discuss how to title these assets
in order to secure the best protection under the law.