Full question:
I purchased through a bank a 2006 C230 Mercedes Benz for one of my employees. I only financed it for her because her credit was so bad that she could not; however, she is making the payments, including insurance under my name. If she does not make the payments, I will get the car back as long as I am living. What legal document I need in order for my estate NOT to take this vehicle from her in case I die. She will be responsible for continuing to pay for it upon my death. Please advise. Thanks!
- Category: Contracts
- Date:
- State: Georgia
Answer:
We cannot give legal advice. The following is not a substitute for the advice of a local attorney. But we hope the information will be useful.
If you die, your estate will step into your shoes, so to speak. Your employee will continue to make payments to your estate, instead of to you personally. In order for the executor of your estate to understand this arrangement, you need to have a written record of it placed with your will. Also make the agreement known to the person who you believe will be the executor of your estate in the event of your death.
Just write down the situation, including WHY you have done this for your employee. (Not that she couldn't finance the car, but how YOU are benefitting from her driving this car - ie, you needed her to have a nice car to make a good impression for the benefit of your business's image, or whatever reason you have for doing this.)
State that in the event of your death, she will continue to make the payments to your estate.
Both of you sign and date the agreement. Each of you should have a signed copy. Place another copy with your will.
This should take care of the situation.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
