Transfers When Minors Have an Interest in the Property
In Estate administration there are occasions when it is necessary to sell, lease or mortgage property in which a minor has an interest. The Estates Administration Act grants The Children’s Lawyer the authority to assist Estate Trustees who do not have sufficient power to convey or lease and mortgage real property on behalf of minors.
The parameters of The Children’s Lawyer’s and the Court’s involvement is dealt with in detail in The Office of the Children’s Lawyer’s Guide to Practice and Procedure With Respect to Sales of Land. One will need approval of such transactions by The Children’s Lawyer and/or the Court in respect of all but the following occasions:
· when it is necessary to sell or mortgage the property to pay the legitimate debts of the deceased;
· when there is a mortgage on non-vested real property for which the deceased was liable to pay the mortgage debt and it is necessary to sell to discharge this debt;
· when the personal representative is exercising a power given under the will to sell, mortgage, lease, or otherwise deal with real property; and
· when a Judge has dispensed with the concurrence of a beneficiary, has made an Order, or has directed a distribution within three years of the deceased’s death.
Executors or Attorneys for Property dealing with real property where there are minor beneficiaries should make themselves aware of the legal requirements with respect to the Office of the Children’s Lawyer.
Thanks for reading,
Natalia R. Angelini - Click here for more information on Natalia Angelini.
