Should I have Son listed as Co-owner?

[MBELSANTI]

I am going to purchase a small 35 point resale and am a single parent. Should I have my 10 year old son on there as co owner?

 

[Dean]

I don't believe you can in most situations since he's not legally an adult. You could always go the the extra time, trouble and expense to add him when he's 18 if you wanted. But keep in mind that anything he owns counts more against him for financial aid than what you own. And if he had any financial troubles, this would be at risk if he was on the deed.

 

[MBELSANTI]

I don't believe you can in most situations since he's not legally an adult. You could always go the the extra time, trouble and expense to add him when he's 18 if you wanted. But keep in mind that anything he owns counts more against him for financial aid than what you own. And if he had any financial troubles, this would be at risk if he was on the deed.

THank you! The point you made regarding the financial aide is a very good one as he will be needing to apply for this for his higher education.

 

[dis-happy]

Another reason not to: if you decide to sell before he's 18 it will be difficult to get the title cleared...he'll have to be appointed a guardian for the sale and half the proceeds would need to be held seprately for him.

 

[goldilocks_63]

When he gets older you may add him as an associate.

Your son is lucky to have such a sharing Mom,

Goldi