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Posted by h on July 2, 2008, 9:09 am
> wrote:
>
>> Not true. My neighbors were killed in a car crash and their 8 year old
>> daughter inherited everything. Her grandparents moved into the house to
>> care
>> for her, but legally the house, cars, other property belongs to Jenny.
>> The
>> mortgage is paid out of the trust in her name, and her grandparents are
>> the
>> trustees. Now if she wanted to sell it prior to turning 18 she might have
>> a
>> problem, but her name is the only one on the deed.
>
> I'd be willing to bet that the stuff is owned by the Estate of the
> parents or a trust in the kid's name until she turns 18. The deed
> probably says the trust is the owner.
I happen to know that's not true, because I witnessed some of the paperwork
when the notary recorded all the changes. We're in the boonies and I'm the
closest neighbor. The notary lives down the road and makes house calls.
Absolutely everything (property) is in Jenny's name alone, even the house.
Apparently you can own anything prior to turning 18, you just can't enter
into a legal contract (there are parental consent exceptions). So, Jenny
owns the house, but the trust is named on the mortgage, since she can't
assume that debt until she turns 18. Bottom line is that she has all of the
assets and none of the responsibility for those assets, at least for the
next 7 years.
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