I want to buy home but to register it on my child's name.?
Question:
Answer:
You need a living revocable trust; then you can add your son's name to it. But you'd better consult with an attorney. As your son gets older, and if he is a wild-child, you could lose your home. If his name is on it, and he goes out drinking and driving, or even if it's not his fault but an accident happens, they can sue him and take his assets (your house). This is not the time for "do-it-yourself." Initial consultations with an attorney are usually free. Pay and do it right - or you could end up losing hundreds of thousands of dollars and everything you've worked and saved for a lifetime.
Why would you do this? This makes no rational sense for a variety of reasons. Your child can not legally own property,
until they become adults.
Even then if the property is in their name after they are grown you can not do anything to or with the property unless they agree to what you plan or want to do to the house.
If you want to refinance or sell the house this can not happen.
Purchase the house as you want,make a family trust giving the property to your child with you as the executor
No lender will allow you to do that. The homeowner and the borrower have to be the same person so that the lender can foreclose if the loan is not paid. As a child, your son is legally incapable of executing the mortgage, note, etc. For you to sign on his behalf, a guardianship, not a trust, would have to be set up. If a child owns real property (land) in his name, a guardian for the child must be appointed BY A COURT. (A trust is in and of itself a legal entity, and it can own property, although the trustee must be of the age of majority.) Guardianships are very expensive and very inefficient. Avoid one at all costs; there are always better ways to handle your children's assets.
See an attorney.
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