I haven't done it yet but I would recommend creating the trust sooner than that and put your wife on it. God forbid something were to happen to you it should make it much easier to transfer ownership post-mortem and take one thing off of your family's plate.
She can call a local dealer and get Pennie’s on the dollar or literally throw it in the trash. No one will
I have a good long time friend of mine listed as having .5% stake to help navigate that process if and when needed.
As I understand it, a trust is not needed for transfer at death. The estate can take possession and then a form 5 is filed to transfer them at no cost to the heirs. A trust may let heirs take them right away if they are on the trust, but then every approval has to have a picture and prints for each person on the trust.
Yes that's my understanding as well, it just seems like avoiding one more thing to do and potentially a lot of paperwork (depending on how many cans) would be very nice if a parent or spouse died.
That's the main reason I want to set up a trust as well.
It might reduce paperwork after death, but it adds a lot of hassle for each new can added to the trust.
