Enter any vehicles in this section, along with the ownership type, type of vehicle, the make and model, year, and purchase price. Optionally, you can also include the VIN.
The Canadian Black Book is a reliable source for the fair market value of a vehicle. If the estate/trust sells the vehicle, the actual value of the sale should be listed in the Accounting section.
Securing a loan to a vehicle
See our article on Loans Payable to learn how to add a car loan to the inventory.
Quebec-specific information for estates
Note that in Quebec, if the deceased has a surviving spouse from a marriage or civil union, any vehicle used by the family can be considered part of the Family Patrimony, unless it was inherited or received as a gift. Likewise, a boat, RV, or camper can be considered family residences and also be included in the Family Patrimony, in which case their value would have to be divided evenly between the succession (estate) and the surviving spouse, regardless of which spouse technically owns the asset.
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