Legal Question in Real Estate Law in West Virginia

Re: family property

Property can be given to anybody, pretty much. So yes, a grandparent can give real estate to a grandchild.

If it is a gift (i.e. its not being bought for money), and it is given by a deed, you can avoid paying the transfer taxes (i.e. deed stamps) on the property, as gifts from parent to child or grandchild, and vice versa, are exempt from the transfer taxes.

If the gift is to be done through a will, then all that needs done is to identify the receipient and the property and to instruct that the recepient is to receive the property.

There is one thing to note, though, if property is given to a minor under age 18. In order for a minor to sell or otherwise transfer real estate, there has to be a conservator appointed and approval of the transfer must be gotten from the Circuit Court. So that can result in 1000 to 2000 in additional expenses, plus several months time going through the process.

One way to get around that, if it would be a concern, is to give the property to the child's parent, in trust, for the benefit of the child, until the childs 18th birthday, and then have the trust end and the property distributed to the child. That way, the parent can manage the property, or sell it, but the child will get the benefit of the property, i.e. the proceeds from the sale.