Hi,Been lurking here for some time, figured now is as good a time as any to make my first post. For the past couple of years we've rented a park model in a 55+ community and we think we're ready to take the plunge into ownership. Here's my question...and I'm just seeking input from the group with the full understanding that this is not legal advice, etc...My wife and I are in our 60s but we would like to put our two kids on the deed who are under 55. Is there a way to do that as long as my wife and I are over 55? Or can the HOA restrict that?Then, if we can't put them on deed, are there other legal ways to set this up in a way that it could work when they turn 55? We'd want to be fully transparent with the park, HOA, etc...nothing shady...just how to do it legally (and again, I know this isn't legal advice)...just discussion since some of you may have real experience with something like this.For now, let's make it specific to Arizona. Thank you for you input!Also, if this is the wrong forum for this kind of question, can you please accept my apologies and recommend a different discussion forum?

Tens of thousands of dollars involved here and you are asking for Arizona estate planning advice on a continent wide RV forum? In California BAD idea to add kids to anything substantial. If they are at fault in an auto accident guess what one of their assets are? Their part of “your” RV/park model trailer.

When my Dad passed away, we had to get a lawyer involved to take his name off the title to the house and make my mother the soul owner. My sister and I were added to the title TOD (transfer on death). We had no interest in the property until she died. When we sold the house, there was no question the house had become ours when my Mother died and we signed the title over to the buyer. The value of the house to use was what it was worth on the day she passed away. She had some stock and we were on that TOD also. Our base value was what the stock sold for at close on the day of her death. You can use TOD on any title - houses, cars, stock. The names listed after TOD have no ownership until the primary owner dies. No lawyer or courts needed.

DFord wrote:When my Dad passed away, we had to get a lawyer involved to take his name off the title to the house and make my mother the soul owner. My sister and I were added to the title TOD (transfer on death). We had no interest in the property until she died. When we sold the house, there was no question the house had become ours when my Mother died and we signed the title over to the buyer. The value of the house to use was what it was worth on the day she passed away. She had some stock and we were on that TOD also. Our base value was what the stock sold for at close on the day of her death. You can use TOD on any title - houses, cars, stock. The names listed after TOD have no ownership until the primary owner dies. No lawyer or courts needed.Thank you. That seems incredibly straight forward. Can a 55+ HOA restrict ownership? We think that they have legal standing to restrict residency (which the they understand until they turn 55) but we feel like they could still own the property and rent it out (assuming good w/ HOA) until they can snowbird at their retirement. Does that make sense or am I way off?

In Texas a park model is a vehicle (trailer) and not real property. There is no deed. It may be the same in Arizona.

I think you are right. What if there is land ownership in addition to the park mod? Does that matter?

Purchasing in a 55+ Community - AZ | Good Sam Community

johnnyg08
Explorer
Jan 25, 2020
DFord wrote:
When my Dad passed away, we had to get a lawyer involved to take his name off the title to the house and make my mother the soul owner. My sister and I were added to the title TOD (transfer on death). We had no interest in the property until she died. When we sold the house, there was no question the house had become ours when my Mother died and we signed the title over to the buyer. The value of the house to use was what it was worth on the day she passed away. She had some stock and we were on that TOD also. Our base value was what the stock sold for at close on the day of her death. You can use TOD on any title - houses, cars, stock. The names listed after TOD have no ownership until the primary owner dies. No lawyer or courts needed.

Thank you. That seems incredibly straight forward. Can a 55+ HOA restrict ownership? We think that they have legal standing to restrict residency (which the they understand until they turn 55) but we feel like they could still own the property and rent it out (assuming good w/ HOA) until they can snowbird at their retirement.

Does that make sense or am I way off?
DFord
Explorer
Jan 25, 2020
When my Dad passed away, we had to get a lawyer involved to take his name off the title to the house and make my mother the soul owner. My sister and I were added to the title TOD (transfer on death). We had no interest in the property until she died. When we sold the house, there was no question the house had become ours when my Mother died and we signed the title over to the buyer. The value of the house to use was what it was worth on the day she passed away. She had some stock and we were on that TOD also. Our base value was what the stock sold for at close on the day of her death. You can use TOD on any title - houses, cars, stock. The names listed after TOD have no ownership until the primary owner dies. No lawyer or courts needed.
Lwiddis
Explorer II
Jan 25, 2020
Tens of thousands of dollars involved here and you are asking for Arizona estate planning advice on a continent wide RV forum?

In California BAD idea to add kids to anything substantial. If they are at fault in an auto accident guess what one of their assets are? Their part of “your” RV/park model trailer.

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