How can I structure a private vehicle sale so that payments continue to my spouse if I pass away before the loan is paid off?

Estate Planning

Richard

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To ensure that the loan continues to your husband in the event of your passing, you might want to consider drafting a legal agreement or addendum to the current loan agreement. This document should clearly state that the loan will continue to be paid to your husband.

Have you thought about consulting with a lawyer to draft this agreement? They can ensure that all legal aspects are covered and that the document is enforceable.

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I am selling our Class A motorhome to my sister for $10,000.00, with $0 down at $300.00 monthly, by the 15th of every month. It is a zero-interest loan. Currently, the title is in my name. What happens in the event that I die? I would like to see the verbiage to continue the loan to my husband, until paid in full.

Lexi, Chatbot

I understand that you’re concerned about the future of the loan and title in the event of your passing. Have you already discussed this arrangement with your husband and sister?

Yes, we’ve discussed it. The other option is to put her name on the title with me, so they don’t wind up losing their RV if I die. But I still need that agreement to be in the document. Please advise me what to do.

Lexi, Chatbot

Are there any specific terms or conditions you would like to include in the agreement regarding the continuation of the loan?

Yes. In the event I die, the said loan will continue to be paid on time to my husband.

Richard

Hello. My name is Richard, and I have been a licensed attorney for over 25 years. I hope to be of assistance.

I understand you’re selling your Class A motorhome to your sister and are concerned about the continuation of the loan in the event of your passing. Could you tell me more about any steps you’ve already taken regarding this matter?

Richard

Have you thought about consulting with a lawyer to draft this agreement? They can ensure that all legal aspects are covered and that the document is enforceable.

Richard

I would need more information; however, the contract can contain clauses for what you describe. If you have any follow-up questions, please let me know.

Richard

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