QUESTION
Will I use And or And or if I want my name and my grandson’s on the title?
Asked on Feb 03rd, 2014 on Estate Planning - Michigan
More details to this question:
Somehow my question got reworded. The question I asked was, will I use my name and grandson’s name or will I use my name or grandson’s name? Or will I use my name and his name? And or And or? Which will I use I want both names on the title?
13 ANSWERS
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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To me and my grandson, or the survivor.
Answered on Feb 07th, 2014 at 4:30 AM
The best way to answer your question is to recommend that you visit with an attorney who specializes in estate planning. This way you can get your objectives clearly set forth and those embodied into legal documents to accomplish what you seek.
Answered on Feb 07th, 2014 at 4:29 AM
Thomas Edward Gates
The Grantor will use the name as it is listed on the Deed. It is normally, last name first and then first name. The Grantees will similarly list their name. An "and" is used between parties. Also, a designation of percentage own is to be included with each Grantee listed.
Answered on Feb 06th, 2014 at 6:45 PM
Edwin K. Niles
And. More important, as tenants in common or as joint tenants. With tenants in common, you each own an undivided one half. With joint tenancy, if one dies the property goes to the other. This can be a bad idea, as all sorts of unforeseen consequences can arise. For instance, what if grandson incurs a large debt, and the creditor goes after the property? Or what if you need to sell or encumber, and grandson refuses to cooperate? You are urged to see an estate lawyer.
Answered on Feb 06th, 2014 at 6:43 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Assuming you are talking about a automobile, check with DMV as to how to hold title. If real estate, consult with a real estate lawyer as to how to hold title and what the benefits are as to each type title.
Answered on Feb 06th, 2014 at 6:43 PM
Criminal Law Attorney serving Los Angeles, CA
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J. Jeffrey Morris & Associates
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If the goal is to leave real property to ones grandson, with out a tax consequence, simply use a generation skipping trust and don't worry about putting him on title.
Answered on Feb 06th, 2014 at 6:43 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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The question is, what is the legal estate you are trying to create? Do you want to create tenancy in common, or do you want to create the (Oregon judge-created analog of) joint ownership with right of survivorship. Transferring an interest in real property to another person is a substantial step, probably involving a "taxable" gift to the other person. Discuss this matter with your estate planning lawyer before you do it.
Answered on Feb 06th, 2014 at 6:43 PM
Commercial Attorney serving Chicago, IL
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Ashcraft & Ashcraft, Ltd.
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If you want your grandson to be a joint owner of real property you must place title as follows: "Your name" and "Grandson's name" as joint tenants with rights of survivorship and not as tenants in common". If you want to own a specific interest in the property and have your grandson own a specific interest then as follows: "Your name" as to an undivided x% interest and "Your grandson's name" as to an undivided x% interest, as tenants in common. If you want to change the title to a financial account use the designation required by the particular financial institution that meets your intent.
Answered on Feb 06th, 2014 at 6:42 PM
Assuming that this is the title to a piece of real estate, you should include both names and then indicate if you are joint tenants or tenants in common. I also assume that you are aware of the tax consequences of this action and that your grandson is not a minor.
Answered on Feb 06th, 2014 at 6:41 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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On the title of what, if it is a car then it should be in his name only with you retaining a lien on the title for whatever he owes you.
Answered on Feb 06th, 2014 at 6:41 PM
2 Awards
It depends upon what you are trying to accomplish and I strongly suggest you meet with an attorney to discuss your wishes and options because adding someone to title can create issues later.
Answered on Feb 06th, 2014 at 6:41 PM
3 Awards
If you want either to be able to sell or transfer use "and/or" or "or." If you want both to act then use "and."
Answered on Feb 06th, 2014 at 6:40 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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It is not clear what kind of title you are talking about. If this is related to the motor vehicle question, I would say you would use "and", but I would also use the phrase "as joint tenants with rights of survivorship." That clarifies your intent.
Answered on Feb 06th, 2014 at 5:46 PM