UNDERWRITING Q&A: I have a Colorado property wherein the property owner is deceased. The owner did not live in Colorado and the owner’s probate is being administered in another state. Is an ancillary probate proceeding going to have to be opened in Colorado to deal with the Colorado property? (CO)
December 10, 2020
UNDERWRITING Q&A: I have a property that is being sold, encumbered or purchased by a trust. Is there an alternative in Utah for requiring a copy of the trust agreement? (UT)
December 10, 2020
A. As custodian for the minor child/children under NMSA 46-7-11, commonly referred to as the Uniform Transfers to Minors Act. When preparing the deed, an adult 21 years of age or older will need to be designated as custodian for the minor child/children in the grantee clause. The grantee clause in the deed should state “John Smith as custodian for (name of minor) under the Uniform Transfers to Minors Act”. If the property is to be subsequently conveyed prior to the minor(s) reaching the age of majority, the grantor clause in the deed should be recited exactly the same way. Utilization of the Uniform Transfers to Minors Act avoids legal conservatorship issues in situations where minor children appear as record title holders to real property.
