Legal Question in Wills and Trusts in New York

Using funds for downpayment/closing

Probate/Trusts /Wills and Estates

his grandmother left some stock for my son in a UGMA with his father as custodian. We left it there cause dont know what to do with it. With market as it value is going down. Anyway a friend was telling us that maybe we should use that money for downpayment and closing and try to buy a house. Is this legal. Does my son's name have to be in the deed and what we need to do. He is 11 years old.


Asked on 2/14/09, 6:34 pm

1 Answer from Attorneys
Michael Markowitz Michael A. Markowitz, PC

Re: Using funds for downpayment/closing

A minor cannot purchase a house. You may want to transfer the stock into a safer investment like bonds or a certificate of deposit.

Mike.

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Answered on 2/14/09, 7:51 pm


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