Using child’s inheritance to get on property ladder

[Wanttobeontheladder]

We are in our late 30’s with 3 children and have been renting all our adult lives

We are desperate to get on the property ladder but I am SAHP and DH is sole earner.

After the loss of a parent recently there is a considerable inheritance that was left directly between our children rather than coming to us.

Using this money would mean we could finally get on the property ladder (just)

Seeing as the children benefit too we feel that we should use it.

Would we be unreasonable to consider this?

I can imagine there could be some jealousy from people who have worked hard to get on the property ladder that if we do it this way we’ve had it easy maybe

No. That really isn’t what people are thinking

If you did this, and actually saved £300 a month, every month, for 14 years (so until when the kids turn 18), unless I have gone crazy with trying to do maths, you'd have £50,400 saved.

Could you contest the will so the money comes to you?

Oh yes. That’s a brilliant piece of advice. They can’t afford a deposit on a house so why not waste what could run into thousands of pounds to line a lawyer’s pocket all for the sake of 25K. 🙄

Could you contest the will so the money comes to you?

So taking from the children just in a different way!

What kind of a parent contests a will against their own child

I agree with @Bluntness100
*The ops not gong to save money for the kids, those savings would be fair game just like their inheritance, the pair of them would be spending it and justifying why they should. And they aren't going to want to sell the house either before it suits them.

What they are simply doing is stealing their own children's inheritance to fund their lifestyles. The children will only get what their parents were supposed to safe guard for them on their parents death and that's assuming there is anything left*

Although I’m not sure if anyone can actually stop this happening. Presumably the inheritance/ will can be administered by the executors - if it’s OP and her DH they would I assume be able to just get it transferred to their back account? What’s to stop them?

I love the comments from the fuckwits snidely commenting about why did you have children if you can't afford to house them.
Obviously, only naice people with mortgages should be allowed to procreate.
FFS!

I can’t see how they can find out about it otherwise though

So you are literally proposing to steal your kids inheritance. Jeez. What a shower of shit to dump on them.

I agree with @user1474894224

Just do it. A secure family home with space for them, plus the extra money to spend on days out etc is worth way more than money sitting in a bank account ffs.

• I love the comments from the fuckwits snidely commenting about why did you have children if you can't afford to house them. Obviously, only naice people with mortgages should be allowed to procreate*

It's common sense if you live in a 2 bed house, don't have 3 kids. I have 1 child and won't be having any more until I'm in a stable position to do so.

My hard hat is well and truly donned but this seems like common sense to me.

Anyway, no, don't take the money from your kids.

My first thought is that it's theft and no way should you do it.

But if you could put the £300 a month you'd save back into an account for the kids and it's all done legally (not sure it can be) then maybe I'd consider it. Would you need the whole 25k or only some of it? Because if for instance you only needed 6k you could repay that in 2 years?

But it all needs to be repaid (with interest) by the time they're 18. It wouldn't be acceptable to say that they will have the house when you die.

Just do it. A secure family home with space for them, plus the extra money to spend on days out etc is worth way more than money sitting in a bank account ffs.

IT'S NOT THEIR DECISION. IT'S NOT THE PARENTS MONEY.

Presumably if the children's money was invested in the family home they would then own a proportion of the family home (and any subsequent increase in its value), and also be entitled to rent on their proportion of the home.

TBH, I think it might be alright, as long as it is invested for the children, and they receive rent on their proportion and a percentage return on any increase in the property, and their money can be returned in full with profits at age 18. Most importantly, though, its only OK if the reason for it is because it is a sound investment for the children, and is likely to give them a good return. If the only reason for doing it is to benefit the parents, then clearly that is not reasonable. The children's money should be invested in the best way to benefit (financially) the children. The trustees will have a legal obligation to do that.

TBH, its not something I would do. I would want to keep the children's investments separate from mine, and I wouldn't want to muddle up investing for profit and the provision of the family home.

A secure family home with space for them, plus the extra money to spend on days out etc is worth way more than money sitting in a bank account ffs.

The children's inheritance is not OP's to spend on days out FFS.

A shocking suggestion.

A secure family home with space for them, plus the extra money to spend on days out etc is worth way more than money sitting in a bank account

I thought the extra money saved on rent was going to be put into savings to repay the children? Not to provide ‘days out etc.’ Although I suspect that if this dodgy scheme goes ahead, ‘days out etc’. is precisely what the extra money will be spent on. It will never see the inside of a savings account. 🙄

justanswerthephone So a miserable childhood in a rented house without any fun family days out is better? Making family memories is a much better use of the money than sitting in a bank account.

I think it sounds like a sensible way to invest the money on their behalf

So a miserable childhood in a rented house without any fun family days out is better?

I'm not sure I understand why you think people in rented houses have miserable childhoods?

Making family memories is a much better use of the money than sitting in a bank account.

I'm gobsmacked you don't understand why this is not ok. Making family memories by spending your children's inheritance

Nesssie. I think you’re missing the point. It isn’t OP’s money to spend on days out. It’s her children’s inheritance. Family memories are fucking cold comfort if your inheritance has been stolen by your sticky-fingered parents.

#makingmemories

A secure family home with space for them, plus the extra money to spend on days out etc is worth way more than money sitting in a bank account ffs.

Jesus.

In a similar situation to you as a long term renter and its fucking shit renting with kids and never being able to give them the stability they need and deserve.

However, I've suggested to my parents they do that and skip me. Im fucked now anyway, with no pension and no owned home, I am truly fucked. So the way i look at it is actually it would all be eaten up with care home fees and just being spent on my old age. If we write me out of it, the kids actually stand a chance in life and hopefully their children will benefit from it too and not have to live this shit existence.

I think with three children your going to tie up the money between all of them in a really awkward way that can't be touched when they need it separately and i think its the wrong thing to do.

If I could definitely pay it back by the time my kids were 18 I would use it. If I couldn't, then no, I would leave it alone.

3 children and 2 adults in a 2 bedroom sounds miserable to me.
I'd much rather have a fun childhood.

@Nesssie but that's not their choice to make. The money has been left to the children and should be in trust and protected for them.