Could a home be purchased with my granddaughter’s funds and home be titled to her trust? 26 Answers as of March 06, 2014

My son past away. I have guardianship of his 12 year old. Proceeds of lawsuit regarding his death will be placed in a trust. I am 61 and husband is 66 we are renting a home, but would like to purchase a home so child would have steady place to grow up. Could a home be purchased with her funds and home be titled to her trust? Not full price of home is needed, but probably less than half. She would get full ownership of property. Seems like a good investment to me.

Ask a Local Attorney. 100% Anonymous. Free Answers.

Free Case Evaluation by a Local Lawyer: Click here
Stephens Gourley & Bywater | David A. Stephens
That depends on the terms of her trust, but you probably can.
Answer Applies to: Nevada
Replied: 3/5/2014
Law Offices of Frances Headley | Frances Headley
Any property to be purchased by the guardianship must be done with the permission of the court. You should consult a guardianship attorney about the necessary documents needed to request court permission.
Answer Applies to: California
Replied: 3/5/2014
Law Offices of Helene Ellenbogen, P.S.H | Helene Ellenbogen
I assume the child's father died as a result of some tortious act and that the child is receiving money as a settlement. If that is the case, the money will be placed in a blocked account. You would need to get the court's permission to use any part of it. Since you will be living in the house her money purchases, she would have to be compensated in an enforceable manner. You need to have a lawyer draw up an appropriate document to get the court's approval that shows that the child's money will not benefit you and is a good investment.
Answer Applies to: Washington
Replied: 3/5/2014
Law Office of Pamela Braynon | Pamela Y. Braynon
You can set the trust with that purpose in mind.
Answer Applies to: Florida
Replied: 3/5/2014
Grace Law Offices of John F Geraghty Jr.
Grace Law Offices of John F Geraghty Jr. | John F. Geraghty, Jr.
Good have a real estate lawyer clear title.
Answer Applies to: Georgia
Replied: 3/6/2014
    Irsfeld, Irsfeld & Younger LLP | Norman H. Green
    Not without getting approval from the court first.
    Answer Applies to: California
    Replied: 3/5/2014
    Neal M. Rimer, Esquire
    Neal M. Rimer, Esquire | Neal M. Rimer
    It depends on the terms of the trust that is created and approved by the court. I would suggest that you retain a good attorney to work on the trust that will be drafted for the court approval in the lawsuit. Most of the time, a personal injury lawyer will not be able to prepare the terms of the trust that would be in the child's best interest and give you, as the Trustee the flexibility to do what you want. In a lot of situations, due to the guardianship, the judge may want to approve of all uses of funds. That means that each time you want to use the trust funds you would have to get court approval.
    Answer Applies to: California
    Replied: 3/5/2014
    Law Office Of Victor Waid
    Law Office Of Victor Waid | Victor Waid
    Suggest you obtain the services of a probate attorney who specializes in guardianships to advise you, as all of the minor's funds are subject to court order as to how they are used. Obviously, if minor received title to house with use of minor funds, then you would owe rent to the minor's account as long as you lived in the house of the minor.
    Answer Applies to: California
    Replied: 3/5/2014
    Edward L. Armstrong, P.C. | Edward L. Armstrong
    What I will say about this is that any time a relative is designated as a guardian and/or a trustee for a minor child there is a serious question of conflict of interest which may later come to "haunt" the relatives who are in those fiduciary relationships. This is especially true when they are going to benefit from the transaction - this is what you have described here - that you will buy the house and live it the house with your granddaughter - there is no doubt that you would benefit. Before taking on this responsibility and then purchasing a home as you have described, you should seek legal counsel to obtain a full explanation of your rights and duties and restrictions in regard to the funds you will be handling for your granddaughter.
    Answer Applies to: Missouri
    Replied: 3/5/2014
    James Law Group
    James Law Group | Christine James
    It depends upon HOW the trust was set up, if there is any legal guardianship proceedings in the courts, and WHAT the trust itself says. This is a big deal and you need to meet with an estate planning attorney before doing anything.
    Answer Applies to: California
    Replied: 3/5/2014
    Minor, Bandonis and Haggerty, P.C.
    Minor, Bandonis and Haggerty, P.C. | Brian Haggerty
    Did your son's will create a trust which will hold the proceeds of a wrongful death suit? Unusual. If a lawyer is helping with the drafting and funding of the trust, consult that lawyer. Structuring this transaction must be done right, and with cognizance of many different factors. BTW, a home is not an investment. Investments are things you can sell at the drop of a hat if market conditions are changing. Homes, in 2008, became albatrosses around a lot of necks. It takes a lot of cash to maintain a home.
    Answer Applies to: Oregon
    Replied: 3/5/2014
    Law Office of Jeffrey T. Reed | Jeffrey T. Reed
    Depending on the terms of the trust this should be possible. Check with the trustee of the trust or if the trust has not been set up yet talk with whoever is doing that to let them know what you are thinking about doing.
    Answer Applies to: California
    Replied: 3/5/2014
    Peters Law, PLLC
    Peters Law, PLLC | Mark T. Peters, Sr.
    Probably. What will happen is that the funds will be placed in the trust and the trust would be the purchaser. Depending on the circumstances, you may need to get the court's approval to spend the money.
    Answer Applies to: Idaho
    Replied: 3/5/2014
    Simpson Law Office, PLLC | Alexander J. Simpson, III
    Any use of the child's funds will require approval from the Court. You'll need to consult with a local lawyer to determine how such things are handled in your jurisdiction.
    Answer Applies to: Mississippi
    Replied: 3/5/2014
    James T. Weiner & Associates, P.C.
    James T. Weiner & Associates, P.C. | James T. Weiner
    It depends .. upon the terms of the trust. I would contact the attorney that wrote the trust, if the trust is silent or finally even better if the trust is imposed by a probate court (e.g. the court that appointed you her guardian) I would petition that court to get permission.
    Answer Applies to: Michigan
    Replied: 3/5/2014
    John Russo | John Russo
    What do the details and conditions of the trust state, as well as the guardianship of the child? In any event you will need the courts permission to make such a large purchase, it would be a good idea to retain an attorney versed in wills, trusts and estates.
    Answer Applies to: Rhode Island
    Replied: 3/4/2014
    Goldsmith & Guymon
    Goldsmith & Guymon | Dara Goldsmith
    You should file a petition with the guardianship court seeking authority for what you propose. You may wish to hire counsel if you have not already.
    Answer Applies to: Nevada
    Replied: 3/4/2014
    Law Office of Patricia A. Simmons
    Law Office of Patricia A. Simmons | Patrica A Simmons
    You indicate that you are your granddaughter's guardian. You were probably appointed guardian of her person and estate. In order to make any such purchase, you would have to petition the court for permission to purchase any real property. In your petition you would need to detail the purchase amount, how much would be needed, etc. Contact a probate attorney to discuss this matter in more detail.
    Answer Applies to: California
    Replied: 3/4/2014
    Law Ofices of Edwin K. Niles | Edwin K. Niles
    Sounds like a sensible idea. Discuss it with a trust lawyer.
    Answer Applies to: California
    Replied: 3/5/2014
    Musilli Brennan Associates PLLC
    Musilli Brennan Associates PLLC | John F Brennan
    Your question can be answered only by referring to the trust, and the trustee as to the willingness to undertake this.
    Answer Applies to: Michigan
    Replied: 3/4/2014
    Frederick & Frederick PLC | James P Frederick
    It is impossible to say without more information. Is this a trust that you are in charge of? Does the trust give you the right to purchase the home? Is there a conservatorship in place for the girl? Please feel free to post additional information. This is an area where you need to tread very carefully.
    Answer Applies to: Michigan
    Replied: 3/5/2014
    Ashcraft & Ashcraft, Ltd.
    Ashcraft & Ashcraft, Ltd. | Randall C. Romei
    The terms of the Trust will govern how the trust funds can be used. It is likely that the trust funds can be used for her maintenance, which would include housing. If trust funds are used to purchase housing the trust would have to have an ownership interest in the housing.
    Answer Applies to: Illinois
    Replied: 3/4/2014
    Patrick W. Currin, Attorney at Law | Patrick Currin
    It depends on the trust document. When I do them, I give trustees the maximum power possible to invest, hold or sell. If the drafting attorney did as well, I would think this would be possible.
    Answer Applies to: California
    Replied: 3/4/2014
Click to View More Answers:
12 3 4 5 Free Legal QuestionsConnect with a local attorney