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TWL: Ownership of Documented Vessel

JF
Jim Fidler
Tue, Jan 27, 2004 11:17 PM

A boating friend died late last year.  His wife has decided to keep and
use their boat.  The boat was documented and both of their names were
shown on the certificate.  But still she had to go to court to get the
registration changed so that she is now the legal owner of the boat.

She was told that it should have been documented "Joint Tenancy
with Right of Survivorship" to avoid the court.

Our boat has only my name on the certificate and I would like to
consider changing the documentation so that no legal work would
be required in case of my death or my wife's.  Is this easy to do
and can anyone tell me how?  Are there any disadvantages?

Thanks

Jim Fidler  "Fiddlesticks"

A boating friend died late last year. His wife has decided to keep and use their boat. The boat was documented and both of their names were shown on the certificate. But still she had to go to court to get the registration changed so that she is now the legal owner of the boat. She was told that it should have been documented "Joint Tenancy with Right of Survivorship" to avoid the court. Our boat has only my name on the certificate and I would like to consider changing the documentation so that no legal work would be required in case of my death or my wife's. Is this easy to do and can anyone tell me how? Are there any disadvantages? Thanks Jim Fidler "Fiddlesticks"
K
Keith
Tue, Jan 27, 2004 11:40 PM

CG1340, the bill of sale, shows how the vessel will be owned. One of the
check boxes is Joint Tenancy with right of survivorship. I don't know how
you would do this retroactively though... why not call the NVDC and ask at:
800-799-8362.

Keith
__
Success always occurs in private, and failure in full view.
----- Original Message -----
From: "Jim Fidler" fidlerjim@earthlink.net

She was told that it should have been documented "Joint Tenancy
with Right of Survivorship" to avoid the court.

Our boat has only my name on the certificate and I would like to
consider changing the documentation so that no legal work would
be required in case of my death or my wife's.  Is this easy to do
and can anyone tell me how?  Are there any disadvantages?

CG1340, the bill of sale, shows how the vessel will be owned. One of the check boxes is Joint Tenancy with right of survivorship. I don't know how you would do this retroactively though... why not call the NVDC and ask at: 800-799-8362. Keith __ Success always occurs in private, and failure in full view. ----- Original Message ----- From: "Jim Fidler" <fidlerjim@earthlink.net> > She was told that it should have been documented "Joint Tenancy > with Right of Survivorship" to avoid the court. > > Our boat has only my name on the certificate and I would like to > consider changing the documentation so that no legal work would > be required in case of my death or my wife's. Is this easy to do > and can anyone tell me how? Are there any disadvantages?
BL
Bob Lowe
Wed, Jan 28, 2004 12:27 AM

Jim,

That kind of comes under the heading of estate planning.  You might want to
investigate the tax ramifications of making such a move.  Otherwise, it is a
simple procedure with the USCG Documentation office.

Good luck,

Bob Lowe

A boating friend died late last year.  His wife has decided to keep and

use their boat.  The boat was documented and both of their names were
shown on the certificate.  But still she had to go to court to get the
registration changed so that she is now the legal owner of the boat.

She was told that it should have been documented "Joint Tenancy
with Right of Survivorship" to avoid the court.

Our boat has only my name on the certificate and I would like to
consider changing the documentation so that no legal work would
be required in case of my death or my wife's.  Is this easy to do
and can anyone tell me how?  Are there any disadvantages?
Jim Fidler  "Fiddlesticks"<<<<


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Jim, That kind of comes under the heading of estate planning. You might want to investigate the tax ramifications of making such a move. Otherwise, it is a simple procedure with the USCG Documentation office. Good luck, Bob Lowe >>>>A boating friend died late last year. His wife has decided to keep and use their boat. The boat was documented and both of their names were shown on the certificate. But still she had to go to court to get the registration changed so that she is now the legal owner of the boat. She was told that it should have been documented "Joint Tenancy with Right of Survivorship" to avoid the court. Our boat has only my name on the certificate and I would like to consider changing the documentation so that no legal work would be required in case of my death or my wife's. Is this easy to do and can anyone tell me how? Are there any disadvantages? Jim Fidler "Fiddlesticks"<<<< --- Outgoing mail is certified Virus Free. Checked by AVG anti-virus system (http://www.grisoft.com). Version: 6.0.569 / Virus Database: 360 - Release Date: 1/26/2004
MM
m/v MOJO
Wed, Jan 28, 2004 12:55 AM

Our boat has only my name on the certificate and I would like to
consider changing the documentation so that no legal work would
be required in case of my death or my wife's.  Is this easy to do
and can anyone tell me how?  Are there any disadvantages?
Jim Fidler  "Fiddlesticks"<<<<

Consider establishing a corporation and transferring the boat into the
corporate name, where you and your spouse each own shares of stock in the
corporation.  The stock then becomes part of the estate upon the death of
either of you.  If you keep good books and records of the corporation, this
may also provide you an additional measure of liability protection in the
event someone is injured or killed on your boat or as a result of your
boating actions.  Check with an attorney, however!

Ray B.

> Our boat has only my name on the certificate and I would like to > consider changing the documentation so that no legal work would > be required in case of my death or my wife's. Is this easy to do > and can anyone tell me how? Are there any disadvantages? > Jim Fidler "Fiddlesticks"<<<< > Consider establishing a corporation and transferring the boat into the corporate name, where you and your spouse each own shares of stock in the corporation. The stock then becomes part of the estate upon the death of either of you. If you keep good books and records of the corporation, this may also provide you an additional measure of liability protection in the event someone is injured or killed on your boat or as a result of your boating actions. Check with an attorney, however! Ray B.