Can a 5 yr old buy RE?

Question

Can a child purchase a property and have it recorded in their name alone?  Pay for it out of their own account?  Thanks

Chris Seveney · Answer

@Bob Burns

No. Need a trust and have them be the beneficiary

Tom Gimer · Answer

@Bob Burns You may want to look into the Uniform Transfer to Minors Act and whether/how it has been codified in your state.

Mike Eichler · Answer

Yeah just have a trust and name them the beneficiary, you could do an LLC route in your name and transfer it later to them as well

Bruce Woodruff · Answer

They can't hold title as far as I know.....

Trent Reeve · Answer

usually have to be 18 for any legal document. Thats why kids 17 need their parents to sign when they join the military.

Bob Burns · Answer

Ok thanks!  Nice, simple insight!

Bob Burns · Answer

Thanks!