Posted on: 24th Mar, 2009 12:20 pm
I am building a house on property owned by my MIL. I own 2% she owns 98%. She wants to givethe property to my underage daughter. Are there any issues I should be concerned about?
first of all, an "underage daughter" cannot be an owner of real property. if your mother in law is speaking about establishing a trust of some sort, that's another story.
i don't know why there'd be a problem, unless, of course, there's any issues between the two of you.
i don't know why there'd be a problem, unless, of course, there's any issues between the two of you.
Hi joconnor,
There doesn't seem to be any problem with you owning only 2% of the property. As far as giving the property to your underage daughter is concerned, this is not possible at this point in time. However, as George had mentioned, she can set up a living trust establishing your under age daughter as a beneficiary of it so when she passes away, the proeperty can pass onto her.
There doesn't seem to be any problem with you owning only 2% of the property. As far as giving the property to your underage daughter is concerned, this is not possible at this point in time. However, as George had mentioned, she can set up a living trust establishing your under age daughter as a beneficiary of it so when she passes away, the proeperty can pass onto her.
