On a General Warranty Deed in Texas, the Grantee indicates "Shannon Gail Ragan, custodian for Collin Kyle Pipkin and Pressley Nicole Pipkin under the Texas Uniform Transfers to Minors Act". The Consideration indicates "Love of, and affection for our grandchildren Collin Kyle Pipkin and Pressley Nicole Pipkin and inconsideration of Shannon Gail Ragan's release of judgement on child support arrears in the amount of $16,055.00, rendered against our son, Joshua Pyle Kipkin, in Cause Number 59385D, In The Interest of Collin Kyle Pipkin and Pressley Nicole Pipkin, In The 320th District Court of Potter County, Texas. I know this is probably too much information. But, finally, the question is can my sister's ex-daughter-in-law sell the land before the grandchildren are of a majority age.
Yes, per Texas Property Code § 141.001-141.025, you may be able to convince a district court to transfer a minor's property to a custodian under the Texas Uniform Transfers to Minors Act; see § 141.004. A custodianship has the flexibility of a trust as far as investing and being able to make disbursements without court order and lasts until age 21. Click here for more information.
"Sale of Minor's Interest Without Guardianship. When the net value of a minor's interest in real estate is $100,000 or less, any parent (natural or adoptive) or managing conservator of the child may apply to the probate court for an order authorizing the parent/conservator to sell the minor's interest without first being appointed guardian of the minor's estate. Sale of the minor's interest must be for cash. A minimum of five days must elapse between filing of the application and entry of the court's order. The court must specifically determine that the sale is in the best interests of the minor. After closing, the minor's net proceeds of sale must be deposited in the registry of the probate court, and withdrawal of the funds is subject to the court's approval. Venue for this proceeding is the same as for appointment of a guardian. A sale made under this statute cannot be disaffirmed when the minor achieves the age of majority. [TEX. PROBATE COURT Sec. 889].
This procedure provides an efficient means of selling a minor child's interest that has vested directly as the result of careless conveyancing, termination of a trust, or inheritance through a decedent's estate that is not subject to a pending administration. It avoids the costs and difficulties associated with an extended formal guardianship when such a proceeding is not otherwise considered necessary.
Distribution of Minor's Interest to Custodian. If an interest in real estate has vested directly in a minor child as part of a decedent's estate under administration, the independent executor or independent administrator of the estate may transfer the interest to a statutory custodian for the minor under the Texas Uniform Transfers to Minors Act. The transfer must be authorized by the probate court if the value of the minor's interest exceeds $10,000. [TEX. PROPERTY CODE Sec. 141.007]. The deed from the executor or administrator must identify the grantee as follows: "(custodian's name), as Custodian for (minor's name) under the Texas Uniform Transfers to Minors Act." [TEX. PROPERTY CODE Sec. 141.010(a)(5)]. So long as he or she acts expressly in the capacity of custodian for the minor under the Act, the custodian has complete power and authority to sell and convey custodial real property. [TEX. PROPERTY CODE Sec. 141.014].
If the real property cannot or will not be sold by the independent executor/administrator during administration of the decedent's estate, this procedure provides a means of distributing the minor's interest out of the estate and creating an arrangement under which a parent or other adult can later sell the minor's interest without judicial supervision/approval of any kind." Reference
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Jen - This is not a trust. It is only a Warranty Deed. I have interpreted what you have sent to me to mean that until the children are 21, the guardian must hold on to the land unless the guardian can prove it is in the children's interest to sell it and the cash would be held by the court. In that event, I am also assuming my sister would also be able to appear before the court and present that it is NOT in her grandchildren's best interest to sell the land before they reach majority age.
Yes,that is my understanding of the TUTMA. Please let me know if you have any further questions.Jen Sterling39190.6274985301
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