Over the past few months, Luke Combs has been climbing the charts with his cover of Tracy Chapman’s song “Fast Car.” The country star is thrilled with the attention the song is getting, and so is Chapman, who said, “I never expected to find myself on the country charts, but I’m honored to be there.”
Billboard estimates that Chapman has earned over half a million dollars in royalties from Combs’ cover and has seen a boost in plays of her original version as well. So, this was a shrewd business decision.
While reflecting on the lyrics, and the legal wrangling that made a cool crossover cover like this possible, the Palmer & Slay team was reminded of a unique legal tool Mississippi car owners can use to get their own “Fast Car” back on the road.
The Mississippi Department of Revenue has a form called the “Power of Attorney to Transfer Motor Vehicle” that a car owner can use to give someone else the legal authority to sell or otherwise transfer ownership of a vehicle on their behalf.
Using the form, a vehicle owner can appoint someone else to sell, trade, or transfer their car to another. The appointed agent must act in the owner’s best interest, but what that means depends on the owner’s wishes. The agent’s powers cease to exist when the vehicle has been sold, or on a day specified in the document.
The document is a great tool for someone who wants to get rid of a vehicle they have sitting around but doesn’t have the ability or desire to manage a sale themselves.
It’s also a great illustration of the way power of attorney documents can be tailored to meet the specific needs of their creators. The Palmer & Slay team always encourages our clients in the Brandon, Mississippi area to include power of attorney documents in their estate plan, but some are hesitant to do so.
It can be scary to sign a document giving someone else the ability to manage your finances or make medical decisions on your behalf — even if the person you are giving that power to is your spouse or another trusted loved one. But as the “Power of Attorney to Transfer Motor Vehicle” document shows, these legal instruments can be narrowly crafted so they only apply under certain circumstances or give the appointed agent specific powers.
When they are done right, power of attorney documents can give you peace of mind and make your life easier, not cause you stress.
Preserving Your Wealth. Protecting Your Loved Ones.
Whether you need to sell a car or give a family member the ability to make healthcare decisions on your behalf, a power of attorney document is one way to do so. Palmer & Slay’s experienced Mississippi estate planning attorneys are ready to help you craft power of attorney documents and other estate planning documents that meet your unique needs. Please contact us today to schedule an initial consultation.