Full question:
I hold the deed to the house and property (50%), and as trustee for my children (50%). My children are grown now, and I wish to make them equal owners to the property(50/25/25). How can I do this, but more importantly, how are they affected by this?
- Category: Trusts
- Date:
- State: California
Answer:
The trust document's terms will dictate how property is distributed to the beneficiaries. Tax consequences will depend on the specific circumstances involved. You can use a fiduciary deed or a trustee's deed to transfer property from the trustee to the beneficiaries of the trust. It's advisable to consult a local attorney who can review your specific facts and documents.
Joint tenancy is a type of co-ownership where two or more individuals share ownership. In joint tenancy, if one owner dies, the surviving owner automatically inherits the entire property. This type of ownership bypasses probate, but it can be severed, turning it into a tenancy in common, where each owner has an undivided interest in the property. Unlike joint tenancy, a tenancy in common does not have a right of survivorship, meaning each owner's share can be sold or inherited separately. Upon the death of a tenant in common, the estate must go through court administration to transfer ownership.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.