Q: Can I put a minor on the Transfer on Death Deed for my house IF I designate a UTMA custodian for the minor in my will?
Everything I read says minors can inherit property, they just won't be able to assume the loan, get a new loan, etc. By completing a TOD Deed for my house in my minor child's name AND having the UTMA Custodian for my minor child designated in my will, I am hoping to avoid probate and allow the custodian to either sell or manage the property for the minor child. Will this work?
A: If your ultimate concern is that your child may still be a minor by the time the property passes, you should consider the option of establishing a trust. The trust can provide guidance as to the trustee's power to sell and duties owed to your child. Furthermore, creating a trust now can simplify the will drafting process. You should use the Find a Lawyer tab at the top of the page and consult with a lawyer about the respective benefits and consequences of both methods.
A: It would be much better to set up a trust and put the property into the trust. You can set any parameters you want around when and under what circumstances your child can take over the property. In short, you would have much more control using a trust. Best wishes.
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