[Judy3]

I am the administrator of an estate and I would like to purchase a vehicle from the estate for the amount that is owed to the lender. How do I do this without the vehicle (when it is paid off) becoming an asset of the estate?

[excon]

Hello Judy:

YOU the admin, need to sign the title over to YOU the individual purchaser. I would, however, sell the car to yourself for the bluebook value rather than the "amount that is owed". Indeed, the amount owed could be either more or less than the car is worth. You don't want to cheat yourself, and you especially don't want to cheat the estate.

You then register the car to yourself, and just like that, it doesn't belong to the estate anymore.

excon