minor children owning land?

[mistiz]

What is the name of your state? MD
Can minor children use inheritance money to purchase & own land? What about property taxes, would their parents be listed as the responisble party?

 

[FlyingRon]

It's not a good idea. There's not a problem with a minor owning land on it's face. The minor is responsible for paying the taxes and if they don't have the funds then it's just like anybody else not paying their taxes. The parents can act for the child in many aspects

EXCEPT (AND THIS IS THE KICKER)

they can't sell the property and the minor can't enter into a real estate contract.

So the property is locked up until the child is an adult or you have to go to the effort of having a guardian appointed by the court.

There are probably better ways to invest an inheritance.