Think about this: Mom & Dad are killed in car wreck, and leave a minor orphan...happens all the time, and the minor is then normally the owner of whatever his parents owned.
The big issue is how the minor SELLS or legally manages that RE.
Not so simple; and this is why M&D need to do some estate planning to have somebody trustworthy in place to take care of things until Jr. outgrows his "incompetent" minority status and can do legal things on his own.
If Jr is very young when he loses parents, in normal course, somebody will be appointed by a court to be his legal guardian...not necessarily the same person as he's now living with, but somebody the court entrusts with Jr's RE until he's old enough to do for himself.
The reader needs to check his/her own situation and see if some estate planning of his own isn't needed....amazing how often this is just never thought of by young people, but they need it just as much as Sr's.
John is most correct the answer is yes the Minor can own, but as John said, when it comes to sale and management a Guardian or Trustee is appointed.
If not, then here in California, the Public Administrator will handle the matter and believe me you do not want that to happen. Costs, will climb, the basis of all their actions is to accumulate as much cost as any estate will bear. And when it comes to properties, they have many many friends who all seem to be supplied with information on all sale and offering events.
As a young Attorney newly sworn in it is a great place to break in, that is if you like that sort of thing.
To work in that office you have to develop a strange high yelping howel in imitation of a Hyena. But the Ears you grow and the Snout are rather attractive.
Just make proper arrangements for the protection of those who will inherite your goodies. Amen
Start an LLC, own it there.
I understand that is a better choice for LLC. But legally speaking can a minor own realestate?
Thanks
Can a minor own RE?
Think about this: Mom & Dad are killed in car wreck, and leave a minor orphan...happens all the time, and the minor is then normally the owner of whatever his parents owned.
The big issue is how the minor SELLS or legally manages that RE.
Not so simple; and this is why M&D need to do some estate planning to have somebody trustworthy in place to take care of things until Jr. outgrows his "incompetent" minority status and can do legal things on his own.
If Jr is very young when he loses parents, in normal course, somebody will be appointed by a court to be his legal guardian...not necessarily the same person as he's now living with, but somebody the court entrusts with Jr's RE until he's old enough to do for himself.
The reader needs to check his/her own situation and see if some estate planning of his own isn't needed....amazing how often this is just never thought of by young people, but they need it just as much as Sr's.
John is most correct the answer is yes the Minor can own, but as John said, when it comes to sale and management a Guardian or Trustee is appointed.
If not, then here in California, the Public Administrator will handle the matter and believe me you do not want that to happen. Costs, will climb, the basis of all their actions is to accumulate as much cost as any estate will bear. And when it comes to properties, they have many many friends who all seem to be supplied with information on all sale and offering events.
As a young Attorney newly sworn in it is a great place to break in, that is if you like that sort of thing.
To work in that office you have to develop a strange high yelping howel in imitation of a Hyena. But the Ears you grow and the Snout are rather attractive.
Just make proper arrangements for the protection of those who will inherite your goodies. Amen
Lucius