Detailed Answer
When an heir to real property in Virginia is a minor, the minor cannot legally consent to a sale or transfer. Virginia law requires court supervision or appointment of a custodian. Below are the primary options:
1. Guardian Sale with Court Approval
A duly appointed guardian of the minor’s estate may petition the circuit court for authority to sell or transfer the property. The court reviews the sale terms to ensure they serve the minor’s best interest before issuing an order. See Va. Code § 64.2-1205.
2. Uniform Transfers to Minors Act (UTMA)
Under Va. Code §§ 64.2-1500 et seq., an adult can transfer property to a custodian for the minor’s benefit. The custodian holds legal title and manages the asset until the minor reaches the age set by the gift (up to age 21). See Va. Code §§ 64.2-1500 to ‑1508.
3. Partition Action
If multiple co-owners hold the property, any co-tenant may petition the circuit court for partition under Va. Code § 8.01-215. The court appoints a guardian ad litem to protect the minor’s interest and may order a sale if dividing the land is impractical.
4. Family Settlement Agreement
Family members may restructure ownership through a trust or custodianship. The circuit court must approve any settlement that affects a minor’s real estate interest to ensure fairness.
5. Trustee Sale under an Existing Trust
If the minor’s share resides in a trust, the trustee can sell or transfer property according to trust terms. The trustee owes a fiduciary duty and must act in the child’s best interest.
Disclaimer
This article is for educational purposes only and does not constitute legal advice. Consult a qualified attorney to discuss the specifics of your situation.
Helpful Hints
- Confirm whether a guardian or custodian already manages the minor’s estate before pursuing a sale.
- In a guardian sale, provide the court with recent appraisals and market analyses.
- UTMA custodianship offers simpler administration but limits access until the minor reaches majority.
- For co-owned property, negotiate partition agreements before filing a court action.
- Always obtain court approval for transactions involving a minor’s real estate interest to prevent future disputes.