SVABC representative (Upper Fraser Valley) Dave Wilson was doing some research for his member club the BCHRA and presented his findings at the Vancouver Regional Meeting of the SVABC November 19,2002. In compiling his report Dave interviewed several sources including ICBC representatives, agents and persons offering legal opinions. However, the subject matter covered could be very important and we would urge that individuals involved in any estate planning seek their own personal and professional/legal advice from qualified experts. What we do present here is some important points of interest and a primer that will enable you to ask some important questions.

Obviously not all "collectors'" fit the stereotype of a "jay leno" or a grey bearded, gold chained, polyester suited 50 something. BUT, if you have a collector vehicle (or more) and decide to also get a 66 mustang "for the Mrs." and put it in her name or you (male) have a small collection of collector vehicles all in your name and happen to be married, the statistics are that you will die before your spouse and leave her with a potential problem or more importantly leave her LESS MONEY than you planned.

Strictly from an estate planning point of view it is "possible" to put all your collection in joint name and have title pass upon one persons death without the collection being part of the actual estate....... this part we urge you to seek proper advice upon. There is also the issue of a vehicle being worth more potentially if it currently has collector plates at the time of sale even though after sale it may have to be re-plated, however, it is important to realize that it is possible and possibly practical to put your collection in joint ownership providing certain conditions are met saving your executor several hurdles to be cleared upon your demise.

As always we suggest a little forethought can save a lot of grief.. Dave has addressed the problem from the perspective of a "COLLECTOR PLATED" VEHICLE and what is required to keep or transfer the vehicle with that plate and a synopsis of his findings follows:

RE: JOINT OWNERSHIP AND COLLECTOR PLATES FOR:
COLLECTOR CARS, ;MODIFIED COLLECTOR CARS,
VINTAGE CARS, COLLECTOR MOTORCYCLE, MODIFIED
COLLECTOR MOTORCYCLE

1. Joint ownership of above vehicle BEFORE collector plate application
   
   It is a good idea to put your collector car in joint ownership BEFORE you apply for a collector plate. (or before 6 months to one year of collector status.. to avoid a second aircare test)
   If one person dies, there will not be a problem keeping the collector plate on the car with no re-application of collector plate status or insurance coverage required.
   
    
2. Joint ownership after you have had the collector plate for more than one year.
   
   You may have to :
   cancel your insurance and current registration
   turn in your Collector Plate to ICBC
   re-apply for collector plate status and put joint names on the new registration.
   the person whose name appears as joint owner must have driven for a minimum
   of ten years and have another primary vehicle for everyday use.
   This primary vehicle can be:
   a. your own personal car or cars
   b. a primary vehicle registered in joint ownership with the person on the
   collector car registration (spouses, sons fathers daughters, etc) all
   residing at the same address.
   c. a primary car where you have principal operator's status of a primary
   vehicle registered to the other person listed on the joint ownership of
   your collector car. *filed at ICBC
   d. company car or rental (lease) car with you listed as the principal operator
   *must be on file with ICBC.
   
    
3. Not putting the car in joint ownership.
   
   It is important to have your car left to a specific beneficiary in your will. If a person dies but leaves the collector car to a beneficiary in their will as part of their estate, the Registration may be acknowledged without having to immediately apply for re-application for the collector plate. However, the beneficiary may be requested to re-apply for collector plates after the change in registration. In the meantime the beneficiary has a grace period whereby the collector plate and insurance may still be valid with the new operator.