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:
When you die, your estate will assume your financial responsibilities. This means your employee will need to make payments to your estate rather than to you directly. To clarify this arrangement, you should create a written agreement outlining the situation. Include the reasons you financed the car for her and state that, upon your death, she will continue making payments to your estate.
Both you and your employee should sign and date this agreement, and each of you should keep a copy. Additionally, place a copy with your will and inform the person you choose as your executor about this arrangement. This will help ensure that your employee can continue to make payments without interruption after your passing.
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.