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If I become custodian of real estate for a minor, do I have financial obligations relative to the property?

Bankruptcy and Debt 2 views 3 answers
I am in Florida. The potential grantor is out of state, as is the minor. The grantor is a friend, and the minor is her daughter. The grantor has advised me that she will continue paying all expenses (mortgage, taxes, condo fees) for the property, but I am wondering if I have potential liability if she fails to do so. The answer to this question will determine whether I will agree to be custodian.

Attorney Answers

3
Michael Millar ·
As a general rule, you - as the trustee - do not have to commit your personal funds to preserve trust property.
0 upvotes
Marshall Deason ·
This is not a question that lends itself to a complete answer in an online forum. You do not mention in your question the state in which the property is located. Rather than seeking an answer here, you should consult an experienced real estate lawyer in the state and county in which the property is located.
0 upvotes
Carol Johnson ·
Look at Florida Statutes Chapter 710 for a full description of FUTMA (Florida Uniform Transfer to Minors Act), which will give you all the information on what your rights and responsibilities will be if you accept the appointment. Why doesn't the friend just transfer the property to a revocable trust for the benefit of the child? You could act as successor trustee.
0 upvotes

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