Legal Question in Real Estate Law in Texas
Deed ownership changes.
Apiece of property was left to my 2 minor children in trust with myself as trustee. My sons are now adults, the trust ended on their 18th birthday.I bought one sons part of the property so that he could put a good down payment on his own house. The property is still listed as a trust with me as the trustee. what do we need to do to get the deed right and the at the same time get the right names on the tax roles. The property has no mortgage and the taxes are up to date.
2 Answers from Attorneys
Re: Deed ownership changes.
You need to execute a Trustee's distribution deed, as Trustee, to yourself and your son who still owns half of the house. You will probably not be able to find a proper form for this, and you should have an attorney draft a deed which matches and recites your particular situation.
If you didn't already, you should also have your son who no longer owns half of the house sign a paper confirming the transaction that took place when you paid him for his half.
Re: Deed ownership changes.
I don't want to over-complicate this, but your son MUST have an independent lawyer for this. As a trustee, you owe a fiduciary duty to him. This means you must put your interest above his. Because you bought the property from him, this could be self-dealing UNLESS the price is fair, and your son had legal counsel approve the transaction.
To answer your question, you need to first do a settlement agreement with both beneficiaries and yourself stating what you are doing. Second, you will need a trustee's deed to transfer interest from the trust to the purchaser.
Do not do this yourself.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
