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I’m 75 years old and have a son. He is buying a rural property in another State and I am going to provide the funds for that purchase. This will not impact my personal financial stability and he would inherit these funds anyway upon my death. This is a special property. It belonged to his paternal great grandparents, who built the homestead. His grandmother sold the property when she was in a period of financial hardship to the present owners, who lived there 20 years and are now selling.
My son is 48 years old, divorced and father to my grandchild. He intends to move there within the next 2 years with his lovely girlfriend, who I like very much.
I’m seeking input on how to title the property. As much as I am delighted my son has found “the love of his life” I also want to consider the possibility and impact of scenarios where the relationship fails or that my son could lose his life prematurely.
Title the property in his and my names jointly? Title the property as me as lienholder? Other ideas?
I would recommend getting advice from an attorney. Given they aren't married, if it were my child, I'd recommend that he take title of the home in his name only and do a will to his son/your grandson to inherit the house with her as custodian. If the relationship ended, revise the will.
I wouldn't need to personally be on title unless, but if I'm giving the money and want to make sure the house is protected, I guess I could take joint title with right of survivorship.
I am going to provide the funds for that purchase...he would inherit these funds anyway upon my death.
...
or that my son could lose his life prematurely.
It's a gift so it should be in his name alone. Suggest to your son that he have a will where he will leave the property to a member of the paternal family upon his death.
Good thing to talk about in detail with a good attorney.
It could be owned and titled through a revocable trust that he is the beneficiary and eventual trustee of, or lots of other options you and an attorney can consider based on your details.
It's a gift so it should be in his name alone. Suggest to your son that he have a will where he will leave the property to a member of the paternal family upon his death.
Why only a paternal family member? Why not a maternal family member? I don't mean to nitpick, but that is a strange suggestion as written.
Why only a paternal family member? Why not a maternal family member? I don't mean to nitpick, but that is a strange suggestion as written.
The OP said it was a special property owned by the paternal side of the family, meaning her husband's side. She mentioned it, so it seems it's important to her that it remain in their family.
I am married to a man who also has property inherited from his great-grandparents, and is selling it to his nephew to keep it in his family. I would never take that property from him, but some spouses might.
The OP said it was a special property owned by the paternal side of the family, meaning her husband's side. She mentioned it, so it seems it's important to her that it remain in their family.
I am married to a man who also has property inherited from his great-grandparents, and is selling it to his nephew to keep it in his family. I would never take that property from him, but some spouses might.
I think you misread the post. The idea is to make sure the property doesn't go to the girlfriend if the son dies. A familial trust can solve this.
My error, I misunderstood the OP. Beat me with a "wet noodle".
Clearly the OP needs legal advice.
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Why not a maternal family member?
