[WSBAPT] Minor Child Own Property Issue

[Eric Nelsen]

Real property? It's possible to do a Uniform Transfers to Minors Act transfer of real property, per RCW 11.114.090(1)(e)<https://app.leg.wa.gov/RCW/default.aspx?cite=11.114&full=true#11.114.090>.

But I've never done that, and honestly I don't know what happens at that point-who pays property taxes, insurance, repairs and maintenance, if there are no funds available? The court would need to make arrangements for the minor's inheritance funds to be used to maintain the house.

Seems to me that real estate is just one kind of investment in the portfolio of assets going to the child. Someone-a Guardian ad Litem perhaps-needs to figure out whether it's worth it to hold on to the real estate, or better to sell and invest the proceeds. The expense of upkeep of real property might be too much.

Sincerely,

Eric

Eric C. Nelsen
Sayre Law Offices, PLLC
1417 31st Ave South
Seattle WA 98144-3909
206-625-0092
eric at sayrelawoffices.com

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Jennifer Modak
Sent: Tuesday, January 28, 2020 3:02 PM
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] Minor Child Own Property Issue

Hi Listmates
I have a minor child that will receive ownership of property in an intestate probate. Other assets have been placed in a blocked account.

The court wants advise on how to hold the property. I have come up with Guardian holds the property outright for the benefit of child, or place the house in an irrevocable trust that terminates upon the childs 18th birthday. Any advice would be greatly appreciated.

Jennifer M. Modak
Attorney at Law
Law Office of Jennifer Modak, PLLC
19125 North Creek Parkway, Suite 120
Bothell, WA 98011
206-747-0477

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