Estate planning - power of attorney

[Squeaky]

Good afternoon:

I am going to sell my yacht to my partner for $1.00 and have her register it in her name as part of my plans for the future which should mean that there will be no need to become involved with courts and probating of my will.

She will sign and give me a document which will appoint me as "skipper" authorizing me to do almost anything I wish with the yacht almost as if it remained registered in my name.

I have heard that some owners of larger yachts sometime give skippers such a document allowing them to clear in and out of a country, employ other crew etc etc giving the skipper full authority to deal with all authorities as if he were the owner.

I would very much appreciate if anyone has suit a documents would send me a copy via a PM - with private details removed, of course. A PM from any one knowing were one could be located on line would also be appreciated.

As protection she will also give me an undated bill of sale to be used should she depart this world ahead of me - no point in relieving her from the legal hassle only to encounter it myself.

Cheers

Squeaky

 

[Rock Dodger]

Good afternoon:

"I am going to sell my yacht to my partner for $1.00 and have her register it in her name as part of my plans for the future which should mean that there will be no need to become involved with courts and probating of my will."

Sorry Squeaky, I do not wish to sound rude but legally speaking after that there is nothing to stop her selling the boat and doing a bunk with the proceeds. I had enduring power of attorney for my late father and I was told that I could dispose of his estate should I so wish. Talk to a lawyer, then to an accountant and then to a doctor. They might give you some better ideas.

 

[Squeaky]

Sorry Squeaky, I do not wish to sound rude but legally speaking after that there is nothing to stop her selling the boat and doing a bunk with the proceeds. I had enduring power of attorney for my late father and I was told that I could dispose of his estate should I so wish. Talk to a lawyer, then to an accountant and then to a doctor. They might give you some better ideas.

Good afternoon:

I am aware of the possibilities you mention however there is a lot more involved than my yacht and it wouldn't be the end of the world if she attempted to sell it out from under me however I am confident that this will not happen. In any event I would have sufficient early warning if relationship turned sour to use the "reverse" bill of sale to return ownership to my own name.

What I am looking for is the form of a document to allow me to deal with all authorities in the future as the "skipper".

Cheers

Squeaky

 

[KellysEye]

I don't think there is one. Jane and I used swap being skipper when we cleared in at customs and immigration, nobody asked for a piece of paper saying who the skipper is.

 

[Rigger Mortice]

As protection she will also give me an undated bill of sale to be used should she depart this world ahead of me - no point in relieving her from the legal hassle only to encounter it myself.

That sounds like you are trying to say that it's hers but it isn't. Is it really an attempt at tax evasion?

 

[MoodySabre]

It will depend on which legal jurisdiction you are working. Under UK law you could simply own it jointly and the ownership will pass automatically to the survivor without any need for probate.

You say that she will give you an undated bill of sale to "action" if she pegs it first. To date the document after her death is probably illegal as you will be dealing with her asset without having probate. Who will know you say. Not the point.

If this is a boat registered outside the UK then will need to take advice in that country.

 

[michael_w]

Boat ownership is normally split in 64 shares. You keep one, SWMBO gets the rest. No aggro from authorites with use of said vessel as you are an owner. Simples

 

[ianat182]

I think that joint ownership is the proper route to go on this,registration of the ownership as'joint' is done by re-registration with MCA if Part 1 registration and submitting a signed and dated bill of sale stating that this is a joint ownership, but at least one of you has to own a share or two extra to become the 'manager of the yacht- this applies too to an 'owned' mooring where the costs are shared and the harbour authorities need a contact name for all transactions ( however the surviving partner/joint owner mooring still needs to be registered on the moorings list annually in order to continue the lease of the site.Though a relative,son or other, joint owner may not need to .The 'undated' bill of sale in this case needs to be submitted to MCA for re-registration for Pt 1.

When this question was raised some years ago I think that there was no legal hassle about transfer of ownership of the yacht because it is jointly owned, not a shared ownership of say 50/50.

My yacht is in joint ownership so I would be interested to have confirmation of the above, I walk very carefully around the decks!


ianat182

 

[rustybarge]

if she attempted to sell it out from under me however I am confident that this will not happen. In any event I would have sufficient early warning if relationship turned sour to use the "reverse" bill of sale to return ownership to my own name

A contract is only valid under common law if both parties agree to the details on the date of signing. Filling in your signature at a later date would not validate the contract without the subsequent approval of the other party.

 

[PhillM]

Sounds to me like getting married and both of you having well written wills, would sort it all out for you.

Transfer of asset from spouse to spouse is usually tax free (but check as I'm no accountant or lawyer).

 

[Tranona]

You are getting too many things mixed up here. Registration is not ownership, it is title and then only registration of title, the actual title is through the Bill of Sale. Beneficial ownership is different and that can be by way of a separate agreement - for example a boat could be registered in the name of a company but owned by an individual under an agreement with the company. I used to have such an arrangement with my boat when it was operated commercially.

It is not clear where you are going to register the boat, and if you (or your partner) intend using the SSR, then that has no legal connection with title or ownership other than self declaration. The person registering also needs to be resident in the UK. There is no reason, if you both qualify why you should not both be on the SSR document - my wife and I are as we are joint owners and title holders through the BofS and I also have her interest declared on the insurance certificate.

As to the agreement about a skipper, there is no legal requirement to nominate a skipper as the skipper is the person who is in charge of the boat, irrespective of who owns it. However, many countries require site of a registration document confirming the nationality of the boat and would normally expect it to show the same name as the skipper. Clearly that is not always possible, so a simple letter of authorisation from the registered keeper and letter to the insurance company is usually acceptable. Nothing to do with a Power of Attorney.

Not sure what your reason is for doing this but sounds very complicated so there must be a lot of money at stake or a lot of hassle to avoid to make it worthwhile.

 

[Seatrout]

On a similar vein, but unassociated with ownership/control of possessions, SWIMBO and I are unmarried and we jointly set up reciprocal Powers of Attorney for a situation where one of us becomes a cabbage/senile etc. We also covered the situation where we both became in such a state simultaneously.

My understanding that for unmarried partners it can cost a king's ransom to get POA retrospective to such an event.

 

[Simondjuk]

I'm pretty sure that joint ownership is the way to do it. I'm not clear on the technicalities, but my wife used to be a wills and probate lawyer, so would know all about it. Unfortunately she's away at the moment on business, which is nothing to do with PYI believe it or not, so I can't ask her.

 

[Rock Dodger]

Hello Squeaky,

Sorry to be a bore but my Solicitor chum says that the best piece of paper to have in these circs. is a marriage certificate. Cheaper than all the legal stuff you mention.

 

[Squeaky]

Good evening:

I am sorry that my post was mis-understood as many comments seem to focus on the legal aspects of what I plan and that is not what concerns me. I simply was inquiring if anyone had a copy of a letter of authorization from an owner to a skipper giving him authority to take what ever action was needed with the various authorities including customs and harbour officials.

As mentioned above there is no concern about tax evasion or anything of that nature. I simply want to avoid any hassle if and when I am no longer here to arrange the sale of my yacht. I don't anticipate any dispute concerning ownership or anything of that nature.

As far as registration on the SSR is concerned this action is being prompted by the refusal of the MCA to renew my registration as I can no longer prove residency in the UK therefore no longer qualify for an SSR registration.

I think this hic-cup will hit quite a number of long term cruisers sailing under an SSR certificate in the future. I had not heard previously that MCA had taken over the SSR registry however I have learned that they check to make sure applicants meet all the requirements including that of being a full time resident of the UK. Wonder how this will affect those who are living aboard and are no longer residents for tax purposes etc.

Cheers

Squeaky