2007-07-29 02:07:37 · 4 answers · asked by tiffy616 2 in Business & Finance ➔ Renting & Real Estate
EVERY answer before my response is 100% ccorrect!!!! And there will be nothing you can do if you put your son on title.... even if you add your name... if your son turns on you. And if you do Tenants in Common and your son married and died, his wife would have his share unless it was willed specifically to you. IT IS A BAD IDEA!!!! Will it to him if you want him to have it after you pass.
2007-08-01 20:32:57 · answer #1 · answered by Ms Betty 4 · 0⤊ 0⤋
Technically, yes, but here is my advice: You can put him as a beneficiary, but you don't want to put property in a minor's name.
If you do that...and when he turns 18 (and you NEVER know how a child will turn out), do you really want an 18 year-old-kid having control over where YOU live?
If there is a financial reason that you need the property protected, then you need to check with a Real Estate attorney for advice.
2007-07-29 10:25:13 · answer #2 · answered by Expert8675309 7 · 1⤊ 0⤋
Yes you can add you son to title.
However your son will be the owner. He can not sign any documents until he turns 18. You will not be able to sign on his behalf either. This is a bad idea. This will make the house unsellable for 17 years and you will also not be able to refinance.
If your son is on title, any liens he may incur with lien the property. You will also need his signature in order to sell or refi.
2007-07-31 00:13:03 · answer #3 · answered by greeneyedblond31558 3 · 1⤊ 0⤋
Sure. But consult with an estate planner and tax specialist before doing so.
2007-07-29 10:20:05 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Yes but he can not do anything with it until he is 18.
It is probably not a smart thing to do.
2007-07-29 13:05:01 · answer #5 · answered by Anonymous · 0⤊ 0⤋