Inheriting a car can be an emotional experience, but there are also practical considerations to keep in mind. Many people who inherit a vehicle are caught off guard because, while they may have expected a property or cash inheritance, cars — which more than 90% of US households own — often get overlooked, and that can make managing the vehicle more challenging.
If you’ve found yourself in that position, then this page is for you. We’ll outline some of the key steps on what you should do to ensure that the vehicle is legally yours and that you make the right decision when it comes to deciding what to do next.
Get The Paperwork In Order
Depending on who you have inherited the car from, you may have a lot of other paperwork and admin duties to take care of. Still, it’s important to set aside some time to make sure that the car’s title is in your name. It’s one of those things that’s easy to put off, but until you do it, you’ll be in a bit of a legal gray area.
The good news is that this process is usually pretty straightforward, since you should be able to get everything in order in a single trip to the DMV, provided you have the right documents. Once that’s done, notify your insurance company to make sure that you’re fully covered once you take it out on the road.
Have It Looked At By a Professional
You’ll likely have inherited a slightly older car that may not have been driven in a few months, and that means that it’ll be more likely that the car has issues that impact its road-worthiness. For that reason, it’s important to talk to a trusted auto mechanic before you get behind the wheel. They’ll help to identify any issues (or potential issues), as well as undertake repairs. Even a basic inspection can help fill in the gaps about the condition of the vehicle, which can go a long way towards helping you understand what you’re dealing with and make it easier to figure out your next move.
Figure Out What To Do With It
Once you’ve taken care of the paperwork and functionality of the vehicle, you’ll need to think about your options. You may choose to keep, sell, or gift the vehicle. What you decide will influence your next steps, especially if you decide to sell the car, at which point you’ll need to give the vehicle a deep-clean and potentially make minor repairs in order to sell for maximum value.
Take Your Time
Finally, remember that there may well be an emotional component to inheriting the car. As such, it’s important to take your time and not rush into anything. The car will still be there in a few weeks or a couple of months. If you’re in the grieving stage, then it’s fine to put any major decisions towards the bottom of the to-do list until you feel that you’re fully ready.
