If I have a judgement against me, can my heir loose the home I leave them?
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If I have a judgement against me, can my heir loose the home I leave them?
I was served papers today naming me a defendent in an auto accident case. I knew it was coming, and hardly a dent. What happens if I will my paid off home to my grandson, who is 15 years old, if I have a judgement against me? Can I go and change the deed into another’s name tomorrow? Also, how young can you be to own property?
Asked on June 17, 2012 under Bankruptcy Law, Washington
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
There is a potential that if there is a judgment against you, the amount of the judgment may preclude your heirs from inheriting your assets. If you transfer your property to your grandson, the plaintiff may claim that the transfer may be an attempt to deprive creditors of assets and could later try and set aside the transfer.
There is no age precluding one's ownership of real property. However, as a general rule, minors have property held in trust. You can transfer title of your home to someone else tomorow. I suggest before you do so that you consult with an attorney that practices in the area of personal injury and real estate.
If you have auto insurance concerning the accident that you were in, I suggest that you tender the defense of it to your insurance carrier.
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