Legal Question in Wills and Trusts in New York

Re: minors owning homes

yes

Re: minors owning homes

The Deed cannot be put directly into the minor's name, as a minor cannot hold title nor have responsibility for payment of bills in connection with ownership. However, the parents could put title into a trust which names the minor as the beneficiary, with the trust assuming this responsibility until the minor becomes an adult. If you would like more information, call me at 973-377-3313 as I specialize in trusts.

Re: minors owning homes

My first inclination is that a person may do whatever they want with property --- so "yes", a parent can buy property and put it in his child's name.

However, if the property has a mortgage on it, I doubt that the mortgage holder will agree to such a transfer. Also relevant would be whether the minor child can financially take responsibiility for the property.

In a situation like this, I would have to recommend that said property be put in a real estate trust with the minor child as the beneficiary. Under such an arrangement, the parent is responsible for the care of the property (taxes, mortgage, etc.) and may also take the accompanying deductions.