Legal Question in Real Estate Law in Pennsylvania
My wife & I own a Townhouse in Bucks County, Pennsylvania. Can we transfer the deed of the house into our little daughters (9 yrs & 7 yrs) names? the townhouse is all paid off. Is this transaction legal and in accordance with the real estate laws?
1 Answer from Attorneys
Minors do not have the legal ability to hold title to property. You may transfer the property to a trust for them.
The important question is why do you want to transfer title to them now? If you have heard about avoiding PA inheritance taxes, when they inherit the property, there will be a low tax, since they are "lineal" heirs, meaning directly descended from you.
If you've heard that estate administration is expensive and complicated - that is a myth. Other states may have expensive and complicated estate administration, but PA is not one of those states.
It is important for you to consider your reasons for the transfer, and the various positive and negative impacts of doing so, as well as alternate way of achieving the result you want. Only consultation with an experienced estates attorney would be able to help you.
This response is not legal advice, since I do not have all of the information that would be required, and I do not have a representation agreement with you.
* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.
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