Issues that may arise in transferring title of land under minor childrens name
We as parents are separating on a mutual consent basis, and part of financial arrangement that we reached was to have the joint properties held in our name transferred under the children name for their financial security.
1. What are the likely issues that may arise due to this? ( not to consider potential sibling rivalry in the future or a rivalry between us parents, assumption be all things remain cordial)
2. We have a desire to build a house in one of the joint properties , for the children. Does having the property transferred to the children name prevent us from doing it?\
3. Assuming above is yes, what are the mechanisms under law we can use, to ensure that the property is transferred to kids and a house can be built?
4. With the elder child at 15 and younger at 10, if at a future date, we may need to sell on of these properties (which will be in their joint name) , to fund their unforseen education or medical expenses, how easily we may do it, considering, the youngest would remain a minor for another 8 years.
5. I understand , may be an ideal solution be to have properties transferred to individual children, but since valuations of different properties are oceans apart , it will be an unfair advantage for one of them , if we opt that path
6. What other complications are likely to arise, and what workarounds exists under law to handle those complications, such that they may be factored before the actual change of title in the deed
Asked 1 year ago in Property Law from Kochi, Kerala