Full question:
How should a Buyer be listed on a deed that is to an unmarried woman and her 2 minor children? She wants to make sure the house will go to her children if she dies or remarries.
- Category: Real Property
- Subcategory: Deeds
- Date:
- State: Florida
Answer:
A minor under the age of eighteen cannot legally hold title to real estate. To transfer property to a minor child, a guardianship is required. One option is to transfer the property into a trust, or the mother could designate shares of the property in her will to ensure the children inherit it.
Estate planning methods include reserving a life estate in the deed, allowing the property to transfer to a child upon the mother's death, or using joint tenancy with right of survivorship, which transfers ownership to surviving owners at death.
A living trust is created by executing a Declaration of Trust, detailing terms and conditions, including the trustee's responsibilities. Once established, assets must be transferred to the trust, a process known as funding the trust. This involves executing a deed that names the trust as the grantee and properly recording it. Common deed types for this transfer are warranty deeds or quitclaim deeds.
Trusts can also be created through a will, known as testamentary trusts, which become effective upon the settlor's death. These trusts can manage assets for young children or others needing assistance after death.
A pour-over will works with a living trust, ensuring that any assets not included in the trust are transferred to it upon death. This will serves as a safety measure for assets that may have been overlooked.
For specific advice tailored to your situation, consult a local attorney to review all relevant facts and documents.
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.