transfer of land to 5 year old

J

johnkellyof

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My parents want to give a present of 2.5 acres of land to each of their children. However I have a lot of debts which may end in my bankruptcy so I don't want it put into my name.
They don't want the land sold but kept in the family.
Instead I have asked them to give it to my 5 year old son.
The land is worth about 25k.
What legal process will have to be set up to bring this about?
 
Legally a person must be 18 yrs to hold realty in their own name, so it is very common for land to children to be held in trust. It is often done up to their 21st birthday. A solicitor would have to do the transfer anyway, and it is only a little extra work to let it be held in trust. You need two trustees, often the parents, or one parent and another family member or its often a solicitor and accountant. Very common.
 
Should have mentioned, it happens all the time in probate/wills cases. The age limits are calculated to suit the capital acquisition taxes at the time. So the tax advice regarding the trust is the other important information the solicitor will give you. You can also ring the CAT section of the revenue to ask someone about it.
 
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