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There is a distinct disadvantage to adding minor children to the title to your property.
If you wanted to mortgage or sell the property an interested party must petition to be appointed the child's Legal Guardian and the guardian must request a license to sell the child's interest in the real estate. The court will also appoint a Guardian ad Litem who will review the matter and report back to the court whether the sale is in the child's best interest. If the report is favorable, the court will issue a license to sell and make some provision for the proceeds to be placed in an account in trust for the child. The proceeds from the sale belong to the child. Also, the associated legal costs can be expensive.
If the property remains in the child's name, when they reach the age of majority they may not want to transfer their interest to you if you decide to sell the property. They will be entitled to their share of the proceeds.
If you will not need to sell or finance the property one advantage is that with the proper titling of the property it would pass directly to them in the event of your death, avoiding the expense of probate. However, the property would be available to their creditors. See the link provided below for a discussion on various tenancies.
You should speak to an attorney before making any changes.
What else can I help you with?
How can a home owner deed his house to his children prior to moving to a retirement home?
The homeowner can transfer ownership of the house to their children through a deed transfer, such as a quitclaim deed or a warranty deed. It's important to consult with a real estate attorney to ensure all legal requirements are met and to understand any potential tax implications of the transfer. Additionally, consider the implications on Medicaid eligibility if the transfer is made within a certain timeframe before moving to a retirement home.
Can a spouse and her children from a prior marriage be forced to vacate a home if that spouse's name is not on the deed after a restraining order is served to that spouse?
The spouse can, but not the children.
Should you leave the home with your children if your spouse will not allow for separation and is mentally abusing to the children and you?
absolutly! If you stay in the house you are putting your children in danger!GET OUT!!!!
Does a husband have rights to a home if his name is not on the deed?
removing husband from home when name is not on the deed?
Does the deed holder have financial rights to the home?
who has power to sell a home, deed holder or a trustee?
Which one of the following is an advantage of setting up a family day care home?
Your own child or children will have children to play with
How does a quitclaim deed work on refinancing your home?
A quitclaim deed doesn't figure into the procedure to refinance your home.A quitclaim deed doesn't figure into the procedure to refinance your home.A quitclaim deed doesn't figure into the procedure to refinance your home.A quitclaim deed doesn't figure into the procedure to refinance your home.
If a deed is in three names and two of the names belong to a married couple how can they take their names off the deed and put the deed in the third person's name only?
The two people can sign a quit claim deed and record it, effectively putting the deed in the third person's name only. HOWEVER, if there is still a mortgage on the property then the lender has to agree to this. If the couple co-signed for the home, this may not work until the third person can afford to refinance alone.
Do you have to leave your home if you are on the deed?
Depends...
How do you refinance home after death of spouse?
The best place to start is updating the deed. Once your deed is updated, you can refinance your home with ease.
Can you finance a home with a deed but no title?
A deed is the legal document that transfers title to the property. If you have a deed that names you as the grantee then you have title to the premises.
When you receive a deed for a home does that mean you are the owner?
Yes. If you are the named grantee on the deed then you are the new owner.
