What forms do I use to deed time shares to my daughter?
Full Question:
Answer:
I am unable to provide legal advice, as the best course of action is a personal decision based upon the facts involved in each case. To transfer property to a child and their children, it may accomplished by various means.
One method would be to transfer a present interest to the children and grandchildren, by creating a joint tenancy. The deed or conveyance must expressly state an intention to create a joint tenancy by noting that the property will be held not as tenants in common but as joint tenants with rights of survivorship. If one of the joint tenants dies, their interest will pass to the survivng tenants automatically.
A deed may also specifiy that the child and their children take ownership as tenants in common. There is no "right of survivorship" if one of the tenants in common dies, and each interest may be separately sold, mortgaged or willed to another. If one tenant dies, their interest is subject to going through the probate process before it may be transferred.
Another alternative is to grant a life estate to a child, naming their children as remaindermen. In such a case, the grandchildren don't receive an interest in the property until the parent is deceased. A further alternative is to place the property in a trust, with the child and their children being named as beneficiaries of the trust.
The advantages and disadvantages of the form of the transfer will depend on all the facts and circumstances in your situation. There are important tax implications to consider as well. I suggest you consult a local attorney who can review all the facts and documents involved.