In coastal communities like Wilmington and Hampstead, many North Carolina residents enjoy the perks of owning a boat, jet ski, or RV. These recreational assets aren’t just fun—they’re also property, often with significant value and ongoing expenses.
But when it comes to estate planning, they’re often left out of the conversation. At Cline Donaldson PLLC, we help families build thorough, personalized estate plans that reflect their full lifestyle, including the toys and tools that bring them joy.
Here’s what you need to know about including recreational assets like boats, RVs, and personal watercraft in your North Carolina estate plan.
Why Recreational Assets Shouldn’t Be Overlooked
Unlike traditional assets such as real estate or bank accounts, boats and RVs can feel more like luxuries than essentials. But from a legal standpoint, they’re titled personal property, and how they’re handled in your estate can impact your heirs, both financially and logistically.
If these assets are not clearly addressed in your estate plan, you could unintentionally:
- Delay probate or create legal confusion
- Leave behind registration and titling headaches for your executor
- Trigger tax consequences or unplanned expenses for your beneficiaries
- Cause disputes among heirs if more than one person wants the asset
How to Properly Plan for Boats, Jet Skis, and RVs
Including recreational assets in your estate plan doesn’t need to be complicated, but it does require forethought and legal clarity. Here are the key steps we help clients with:
1. Identify and Value the Asset
Whether you own a fishing boat docked in Wrightsville Beach or an RV parked in the mountains, knowing its approximate value helps determine the best strategy. Some assets are worth selling; others may hold strong sentimental value.
2. Review Ownership and Title
These assets are usually titled similarly to vehicles. We review how the asset is titled (your name alone, jointly, or in an entity), as this impacts how it transfers and whether it will pass through probate.
3. Include Specific Instructions in Your Will or Trust
Without specific instructions, your executor may be left guessing what you intended. We can help you:
- Designate a specific beneficiary
- Direct that the asset be sold and proceeds distributed
- Address storage, maintenance, or loan obligations tied to the asset
4. Consider Using a Revocable Living Trust
For high-value or out-of-state assets, placing the asset into a trust can avoid probate and ensure a smoother transition. This is especially useful if the boat or RV is registered in another state or has its own title and insurance requirements.
5. Plan for Associated Costs
Even after death, these assets may continue to generate ongoing costs, such as slip fees, insurance, maintenance, or taxes. We’ll help you account for these so your heirs don’t inherit a surprise financial burden.
Should You Sell, Transfer, or Gift It?
Not sure your heirs will want the boat or RV? That’s okay, and we’ll help you make a plan that works for your situation.
You might consider:
- Selling or donating the asset before death to simplify your estate
- Gifting the asset during your lifetime if a child or family member already uses and enjoys it
- Placing it in an LLC or trust to allow for shared use and management between multiple heirs
The right solution depends on the asset’s value, your family’s goals, and how much maintenance it requires.
Let’s Make Sure Nothing Gets Left Behind
At Cline Donaldson PLLC, we believe estate planning is about more than just paperwork, it’s about protecting your full legacy. That includes the things that make life memorable, like your boat, your RV, or the jet ski your grandkids love.
We’ll help you handle these assets properly—so they don’t cause confusion, delay, or unnecessary cost for your loved ones.
Contact us today for a free consultation, and let’s talk about building an estate plan that covers everything that matters to you.
About the Author
Scott Donaldson
As one of the founders of Cline Donaldson PLLC, Scott Donaldson leverages his background in law enforcement to provide exceptional representation across core practice areas, including personal injury law and estate planning. Before founding his Wilmington-based firm in 2023, Mr. Donaldson honed his understanding of the law as a Lieutenant in the esteemed New York City Sheriff’s Office.
He subsequently graduated cum laude from Campbell University’s Norman Adrian Wiggins School of Law, earning the Law School Book Award for demonstrating exceptional mastery of complex legal subjects. With an extensive legal background, Mr. Donaldson brings authoritative experience and insight when navigating each client case. He remains dedicated to upholding the highest legal standards and achieving optimal outcomes for all he represents.
