Can I return these jeeps???? HELP

[JerJan]

My husband has colon cancer that has apparently metasticized (SPREAD) to his liver and I have a question that maybe someone can answer for me. Both of our automobiles are in his name only. One is a purchase (owned/financed) and one is a lease.....when he passes what do I do with two jeeps??? Can I give them back if he's gone and I'm not an owner???? I don't want to burden him with this but I need to prepare myself for being alone with two DD's.

Thanks!

 

[Karenj2]

First of all, I'm sorry to hear that your husband's health is failing... I'm not up on my financial/legal stuff, but there might be a way for your husband to transfer power to you (Power of Attorney?) so that you can get rid of the leased jeep.

Hoping that others have better info for you.

 

[HM]

I had a coworker who's husband died suddenly. She was stuck with paying for his leased car until the lease was up. I hope you can find a way around that problem since you have a bit of time to plan. Many Pixies to you!!! and your husband!

 

[PaulaSue]

No advice but I am sure someone here will know or where to start looking.

to Your DH, YOU and Your DDs.

 

[shades]

You NEED to speak to an attorney immediately and either get a "general" Power of Attorney (I have no idea if a POA will be honored after one has passed, either) - and/or, get everything switched to your name. Even though you aren't the "owner" of the leased vehicle, I'm guessing you will be held responsible. Please seek legal advice now. You will likely receive some good advice on this forum, however, you need personalized, professional help now.

Best of luck to you and yours!!

 

[DiznEeyore]

First of all, I am SO sorry for what your family is facing!!

I agree with the idea of consulting an attorney as far as getting power of attorney even before anything happens to your husband.

As for your question, I believe it will depend a great deal on the lender/leasing company. We have two friends who were in this exact positions when their husbands died. One (my best friend's mom) was able to return her husband's truck to Ford and get out of the lease. The other was told that since her husband's estate passed to her on his death, she was responsible for his lease and she had to keep it for the entire term (don't remember what company it was through ... sorry!).

 

[robsmom]

Very sorry to hear that this is happening to you.

Make sure that your husband has a will and that he leaves everything to you and makes you the executor of his will. By default as his wife you will get the estate in most states (i think) but I would have him do a will anyway just to be sure that you are covered. This is assuming that he has no other kids and that everything is going to you.

If he passes on you would then be the executor of the estate and the jeeps would belong to the estate. You can then sell the one that is not leased or try to return the leased one - there is usually a penalty but they may waive it. Also be sure to get and read both the financing agreement on the one he bought and the lease. Some people pay a fee for some sort of insurance which may cover you now due to his disability and/or later due to his death.

I know it is hard to think about finances at a time like this but if he normally handles all of this please do yourself a favor and ask him to sit down with you and go over everything. You need lists of where everything is. You need passwords. If you are not good and this and since this is a time of stress for you i recommend that you ask a family member that you trust to help you get all of your financial records organized.

Finally - he can transfer assets to you now if that makes sense but that is hard to do if he doesn't have title to the cars. Good luck and God Bless.

 

[mickeyfan2]

The paid for car will become your property and you can then sell it (may take a few months). The leased car will still be your obligation. See if DH will give you the POA to sell the car while he is still with us.

 

[jmkst58]

So sorry to hear this. Much luck & love to you & yours. I think you are very wise for doing what you can now to make it as easy as possible as you all go forward.

 

[drgnfly30]

No advice, just

 

[Pea-n-Me]

We bought a truck last year from a friend whose husband died unexpectedly. There was a special form that came from the registry for just this situation in order to sign the title over (can't remember what it's called but it does have the word either death or deceased on it I believe). It was a little tricky but we completed the deal.

BTW, I'm sorry about your husband.

 

[Chicago526]

First, I am so, so sorry about your husband!

I did a quick google search and found this link, it applies to what you should after, but you may find it helpful before hand:

http://dying.about.com/gi/dynamic/o...m/Premium/LE/19_le_lo/fg/fg-Death_Spouse.html

I also found several other pages with more info and suport groups, you may want to do a Google yourself and see what you can find out.

Definatly see lawyer ASAP, they can help you set things up to make it financialy easier for you.

 

[rkandmjsmommy]

I dont know the answer to your question, but I want to say I am so sorry to hear of your husbands cancer, so sad.

Keeping your and your family in my thoughts

 

[Parkers_girl]

I'm very sorry and I hope your husband recovers. My mother had leased a honda pilot in 2004. Well in april of 2005 she suffered cardiac arrest and was in a coma..we were told she might not wake up. My stepdad had his own v6 accord and he was now left with my mom's lease. He brought it back to Honda and they took care of it. I'm not sure exactly what happened though. I hope everything works out for you. Please keep us updated and please send your husband tons of good wishes from all of us!

 

[The Disney Bunch]

Power of Attorney only applies if the person is still living. Once they pass on, the POA defunct. Check with an attorney and check with the lease company about what happens with the leased car. The car that he owns, you can sell at any time.

 

[tinatark]

I'm so sorry for you and your family. I cannot imagine what you and your girls are going through.

Unfortunately, debts do not die with the debtor. The estate is responsible for meeting the financial obligations.

That said, if you take care of everything, transferring accounts, etc. into your name only ahead of time, there wouldn't be an "estate" for them to file a claim against, if you decided to turn it in instead of assuming the lease in your name.

If you explain it to them, I think most of the lenders would be understanding of your situation.

 

[cindercopper]

No advice to give but to you and your family.

 

[jedijill]

Please visit an estate planning attorney. They can help you structure your whole financial situation to put you in the best financial and legal position if and when your husband passes.

My parents visited an attorney last summer before they hit the road as OTR truck drivers so that their estate was in the best possible position to not leave a burden to my brother and I in the event of their deaths. I believe it cost about $600 or so but it will save thousands later on.

My heartfelt sympathies to you and your family.

Jill in KC

 

[JerJan]

First off I want to thank ALL of your for your nice words and prayers we will definitely need them!

I should have mentioned in my original post that we already have established a "TRUST" and when he dies everything in the "TRUST" reverts to me. We did this when he was originally diagnosed back in 3/2004.

I just wasn't sure if anyone had ever had to return a lease vehicle, my head isn't thinking that clearly these days, I know I can sell the one that is owned. I should have just thought to check with our attorney.

Thanks for all of the advice.

 

[DawnM]

I am sooooo sorry. I know this must be incredibly stressfull for you and your family.

I will see what I can find out and if I can find out anything I will post it.

Mostly I just wanted to say how sorry I am. I will be in prayer for your husband and for you and your kids.

Dawn