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If children are on title for a property along with a parent but are not owners are there any tax implications to that?
Wiki User
∙ 14y ago
You are very confused. If you add someone to the title of a property, by definition they become an owner of the property. If you don't want someone to become an owner of your property, do not add them to the title. A few states (Arizona, Arkansas, Colorado, Kansas, Missouri, Minnesota, Montana, Nevada, New Mexico, Ohio, Oklahoma, and Wisconsin) have what are called "beneficiary deeds" or "transfer on death deeds" that allow you to specify a person (or persons) who will inherit your property on your death if that is what you are trying to accomplish. Please don't take offense, but you have some very large misconceptions about how titles to property work. Before making a decision that could cost you hundreds of thousands of dollars, spend a few dollars to consult with a real estate attorney who can advise you how to accomplish whatever it is you are trying to do properly.
Wiki User
∙ 14y ago
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Is Auto Owners Insurance Company a parent company of Utica Mutual Insurance Group?
No. Auto-Owners is the parent company of Owners Insurance, Southern-Owners Insurance, Property Owners Insurance, Home-Owners Insurance, Auto-Owners Life Insurance. They have no affliation with Utica
What rights do children have when the parent dies in Louisiana but stills owes money?
In Louisiana, when a parent dies and still owes money, the child typically does not inherit the parent's debts unless they have co-signed a loan or are a joint account holder. The child's inheritance will be used to pay off the deceased parent's debts before any assets are distributed to the heirs. It's important to consult with an attorney or a financial advisor to understand the specific circumstances and legal implications.
Can a parent will their home property to just one of their children?
Yes, of course. There is no reason why a parent must divide the property between more than one child - or even include all their children in the will at all, if the parent feels that one or more should be left out.
Our mother deeded property to only one child. Do children have a right to parent's property if deeded to only one child?
A mother who is competent is absolutely free to choose to convey her property to one child and that child would own the property. In many cases there is a child who helps the parent more than the other children. Children have no "right" to a living parent's property. A parent can distribute her own property during her lifetime to anyone she chooses. A different situation would arise if the parent is incompetent and taken advantage of by an unscrupulous child. In that case you should seek the advice of an attorney.
When real estate is in the name of the children of a deceased parent how can property be sold?
Only the guardian can sell, or the children when they are 18+.
What if the deceased parent is not remarried but divorced with children over 21 what rights does the children have to personal property?
Why should adult children have any rights to the personal gains of a parent, unless they worked to add to them?
Is it legal for a parent to sell property that was willed to his minor children from their grandpa and give the money to the named children?
The parent holds the rights to the property in trust for the child. They can sell the property and place the money into trust. When the child comes of age, or there is need to use the money, it can be put into use for the child's welfare.
If your name is not on mortgage application can it be put on deeds?
No. All the owners by deed must sign the mortgage. A lender will require all owners to sign the mortgage in case there is a default and the lender takes possession of the property. If all owners didn't transfer their interest to the lender the lender cannot foreclose of the property. If the deed and mortgage are both done at the same time, all the owners by deed must sign the mortgage. A lender will require all owners to sign the mortgage in case there is a default and the lender takes possession of the property. If all owners didn't transfer their interest to the lender the lender cannot foreclose of the property.Also take note that if a parent grants a mortgage to a bank there is a due on transfer clause in the mortgage. That means if there is a transfer of ownership the bank can call in the full amount of the loan. Therefore if the parent transfers the property to their children after they have mortgaged the property, the bank can demand payment of the mortgage in full.You should seek legal advice before you act.
What is the legal precedence between an earlier Partnership of children documenting equal interest in family property and the parents later Will directing interest in that same property elsewhere?
I have never heard of a partnership of children creating an interest in their parents' property. You need to provide more details. However, if the parents were the joint owners of the real estate by deed when the first one died, and had not transferred their interest by deed during life, then the property passes according to the provisions in the will of the surviving parent.
If a single parent dies intestate do the children have to file probate?
If the parent is the sole owner of any property at the time of death their estate must be probated.
What rights do biological children have in the estate of a deceased parent?
Biological and legally adopted children generally have the same rights in their parent's estate if their parent dies intestate, or, without a will. Children do not inherit an interest in property that was held jointly with a surviving spouse. However, they may inherit an interest in property held solely by the decedent. You can check the laws of intestacy in your state in the related question below.
What implications does the increase in single-parent homes have for society?
As single parent families increase, it can place a financial burdens on state and the federal government to aid poor single parent families. Aside from that, most sociologists believe that children in such families suffer as a parent is "missing". This is not healthy for any nation.
