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Updated about 6 years ago on . Most recent reply
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Children under age of 18 inherts rental property in trust
Hello,
Say a kid under the age of 18 inherits a rental property which has been placed under a trust and parents choose a custodian to manage the rental property. The rental property still has mortgage. The custodian which is the grandparent wants to keep renting the property until the kids turns 18, so he wants to make sure the deed of the house will be under the grandchild name. What would be the best solution for the kid to have deed under his name and the mortgage keep been pay off to the bank. Would the grandparent need to inherent the home to the grandchild kid out of the trust and will the bank with the loan allow the grandchild be put under deed meanwhile the grandfather manages the the single home rental property and have the rent pay the mortgage under grandchild name or will the grandparent have to inherent the home to himself and grandchild and then refinance the home an put grandchild in the deed.
Any suggestions.?
Thanks,