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elg23 · Joined: 11 May 2008 Posts: 4 3.57 Dollars($)

i have a property that i shared with my older sister and she wanted 50% of the property though she never help me on the expenses to keep it. i am thinking of quit claiming it to my 3 nieces and a nephew who are still under age. their ages are 7, 10, 13 and 17. i will still continue to pay for everything but i just don't know if it is legal for me to do this. besides my older sister want to sell the property and take half of the equity which is not fair and in don't want it because i want my nieces and nephew to make use of the equity in getting to college. what should be the best way for me to do to keep this property for i am very sure she won't quit claim especially now that she is financially unstable after spending all her money back home?

cliff3 · Posted: Sun May 11, 2008 2:30 pm Post subject:

Hi Elg,

Well first need a little more informaiton. Who currently owns the property.

elg23 · Joined: 11 May 2008 Posts: 4 3.57 Dollars($)

The poperty was owned by me, my older sister and our youngest sister. all i need to know is can i give my share to my nieces and nephew?

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Elg,

You should inform the other owners of the property before your quitclaims to your nieces and nephew. BTW you can transfer only your share of the property to your nieces and nephew.

Your older sister cannot get 50 percent of the property. I hope all three of you have equal share of the property. So she may only get 1/3 of the property.

Feel free to ask if you have any further questions.

Best of luck,
Larry

cliff3 · Posted: Mon May 12, 2008 5:42 am Post subject:

Larry is right Elg you can only deed your interest to your nieces and nephew. That means if you own 1/3 each of them would own 8.25% of the property unless otherwise described in a legal document.

Guest

you have said that 1/3 should go to my greedy older sister. can i ask her to pay me back to all the expenses that i incurred too to improve the property, taxes i paid, insurances to protect the property, repairs? since our mom passed away she stayed back home with her large amount of money. and she came back in '04 broke i asked her to quit claim if i am not mistaken in 2003 but she wrote me a letter that she needs still some proof that she can afford to adopt a kid from back home so she never signed the paper that was sent to her. well i cannot do anything so i just leave it as is until now that she is asking 50% of the property. is she entitled to the same share even though she never contributed not even a single penny?

Posted: Mon May 12, 2008 2:03 pm Post subject:

Unfortunately your sister has no obligation to pay you back. I'm sorry, your sister sounds like a selfish individual and I wish you the best of luck.

cliff3 · Posted: Mon May 12, 2008 2:04 pm Post subject:

Sorry about that elg that was me who posted the last response I had just forgottent to log back in.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi elg,

I think she certainly has the obligation to pay you if she wants the share of the property. She has not spent a penny for the maintenance and the tax purpose then why would she get the share of the property for free. She will have to contribute. It is not only your obligation to pay the tax as you are not the only owner of the property. Contact with an attorney ASAP if she threatens you to quitclaim.

Feel free to ask if you have any further questions.

Best of luck,
Larry

jheard · Posted: Sat May 17, 2008 4:24 pm Post subject:

Absent a written agreement, each owner is obligated to pay a corresponding portion of the taxes and expenses. This is called "contribution" and you can sue to recover it.

You cannot transfer title to real property to a minor, however, you could transfer it to a trust for the minors' benefit.

Guest

I am successor Trustee to my parent's Trust. Home is now owned by my brother and I, as beneficiaries. I would like to put my 50% ownership in my Trust. My Trust has two Trustees (my husband and I). Can I deed the property to my Trust but with only my name as the Trustee?

jameshogg · Posted: Mon Dec 07, 2009 11:07 pm Post subject:

Hi Debbie,

As far as I know, you won't be able to place the 50% of the ownership of the property in a trust. You'll have to place the property as a whole in the living trust. However, I would suggest you to contact a real estate attorney and take his opinion in this regard.

Thanks

Guest

Hi my ex boyfriend has done a living trust for my twins he he owns the property with his step mom the whole family had a quater of property they since have passed except for step mom now twins dad owns 1/4 plus 1/3 from dads death and 1/4 from sisters death, I do not trust this step mom can she screw my children out of this living trust in any way shape or form being the allocated 1st trustee ?
thanks sheryl

adonis · Posted: Thu Oct 06, 2011 11:13 pm Post subject:

Welcome sheryl,

As your twins are named as the beneficiaries of the living trust, the step-mom won't be able to remove them from the trust. Even if she tries to do so, it will be considered as illegal you will be able to take legal actions against the person.

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can i quit claim property to under age children?