)(*)*)(*)(*)*)*)*)*)* LIVING TRUSTS)(*)(*)(*)(*)(*()*& GENERAL TRUST ADVICE NEEDED.

[Tortington]

google only lets me understand so much, as i am not a financial wizard.

any financial people know

if i bought a property - put the property in trust for my children and became the trustee.

can i do this indefinaltey or cant he kids claim their bit at 18? or can i specify "when i die you money grabbing turd" in the trust - which sounds atually the way its most likley to go i would think???

can i sell on the property and buy a different one up the property ladder so to speak - say in 20 years time as the trustee - "in trust" for my children ?

in short can i do what i would do anyway but the downside being ic annot access the value of the property for myslef? say if i had a terminal illness and needed lifesaving operation in america. ...for instance.

does anyone know the tax implications. i looked on the govt website and i swear it was in swahili.

Yes, ask about the cost. In teh same firm of solicitors the one who drew up our wills offerred to do teh deed of trust declaration thing for about £200 but the one doing teh conveyancing (in the same firm) did it for nothing.

DH says Deed of Variation (based on your first two posts I just read to him). And you need a probate laywer, not conveyancing.

Quote is about right though.

Not read rest of thread to him yet.

Ooops, sorry - DH says quote is possibly on cheap side and probably doesn't cover everything. Probably more likely to be looking at about £400 plus VAT plus disbursements.

Bit confused as to what you are looking for from the different posts - think I am confusing DH more reading them out one at a time, lol!

DH is happy to chat to you bout thtis by phone if you like. He wouldn't be charging you for the phone call and you would be in no way expected to use him for further work - but he could advise you as to what you need and who you need to speak to re solicitors.

CAT me if you want his details.

As you may already know DD is a solicitor who specialises in this area of law, dealing with wills, probate, tax and trusts.

thanks hula - i am going to see a solicitor tomoz 1/2 hour free - at which point i w ill prob have more Qs than As.

the basic jist is this. i have money coming. if i get divorced - i dont want dh getting his mits on it.

its mine all mine.

how can i poss keep him from taking half?

deed of trust.

is that just for a house? i dunno - i am not a lawyer and i am confused.

if so should i spend all inheritence on house with deed of trust to tie it up.

from what mumblechum said. a eed of trust makes it mine all mine in the event of divorce.

thats all i want.

Off to work now but hope today goes ok. Feel free to ask DH for further info if need be.

not getting anywhere. obviously seeing the wrong people in my haste.

old lady solicitor ( i live in old people town) saying things like " your young, you want you cake and eat it"
"har har its a case of whats yours is mine and whats mine is my own har har" she talked of a deed of variation, interest posessio trust - whatever the fuck that is and discretionary trust. boggle boggle boggle.

hes got fuck all my dh so thats not working for me

i smiled said thank you

and phoned conveyencer when i got home.

i would dearly like to see someone face to face.

i have a few months before this becomes a reality - to put this somewhat delicate matter before dh.

i'm not saying he gets fuckall - he gets half the equity. i'm not mean. i think thats fair. after all he will be contributing to our lifestyle with day to day expenses.

when you mentioned my dh has to seek seperate legal advice - you mean a conveyencing solicitor to look over the documents presumably.

also. as i am much confused.

i will be buying the house. should the house go in my name only - and does the deed of trust work with this? as the property is in my sole name

or

should the house deeds go in both names with the deed of trust to protect the initial investment.

and i will need a will in case i die and dh becomes homeless.

.

.

Ok. You do need a conveyancing solicitor.
It's not uncommon at all to buy a house in unequal shares.

The reason you should be buying in joint names is because if you do split up, the divorce court doesn't care that it was bought just in your name. It will make whatever order is fair in the circs, with first priority being homing the kids if they're still minors.

By specifically doing a declaration of trust when you buy the house, you're circumventing the presumption of equality by saying, look, this is what was agreed by us when we bought the house. The court can still deviate from that, but is much less likely to if you can show that both of you went into the purchase with your eyes open and on the clearly stated understanding that you'd get your mum's inheritance back. Nothing is ever cast iron, but this would be the safest way to do it.

So far as the paperwork is concerned, the cheap and cheerful way of doing it would be to state on the transfer deed TR1 (the doc. signed by the sellers and you formalising the transfer of ownership) that you're buying in unequal shares. That would be just a few words in a small box.

The less cheap but safer option would be to do the above, but backed up by a declaration of trust in the terms I mentioned yesterday.

Maybe the person you saw today was a wills and probate person, I dunno. It's definitely a conveyancer you need to deal lwith the declaration of trust.

I agree you should do a will as well. If you buy as joint tenants and don't do a will, your share (assuming it's less than the IHT threshold) will automatically pass to your dh so potentially he could blow it. If you want to ensure that your kids inherit, then you should prob. buy as tenants in common and do a will leaving a life interest in the property to dh, so when he dies, your share goes to the kids whether he disposes of his share separately (eg to a new wife) or not.

The life interest can have a portability clause in it so if he wants to move he can.

So in a nutshell, you need to

1. Find a house
2. Instruct conveyancing solicitors that you're buying in unequal shares and ask them to draft a declaration of trust (and your dh takes sep. legal advice before signing it)
3. Instruct a wills and probate solicitor to do a will, pref. with a life interest in the property to your dh.

whereabouts in the countruy are you custy I may know a good firm.

(I work in Berks)

i live in worthing.

mum's visiting her brother in worthing this week

small world!

can i also ask as an extra.

supposing that i tell dh this - and now i am not crying all over the place re my mothers death he says he isn't doing it.

suddenly thinks KERCHING BABY.

can he at this moment in time get half - the estate is in probate. - i suppose he can.

twill be interesting.

Hi have just spoken to a firm in Worthing for you and promptly lost their web page. Griffin someone.

Anyway, Ashley Grant is the person to speak to on 01903 229942.

The assistant sol. I spoke to said they are familiar with the procedure. I asked a few questions to make sure they knew what they were talking about, and she certainly sounded like she was knowledgeable & experienced in it.

Cost, if you buy a house at around £300k ( no idea what your budget is) would be £595 plus VAT. for the conveyancing and the declaration which seems pretty reasonable.

She confirmed they'd insist on your dh getting sep advice, so I did get the feeling they were on the right page if you know what I mean.

Just seen your last post.

The court will take into account all the joint assets, however it's down to timing in your case and I don't believe any district judge would say there should be an equal share of an inheritance if it's almost immediately before a split, and if it's the main/only asset.

Worst case scenario, assuming there isn't any other money would be about a quarter to him, prob. less.

I think, what you need to do, is get all the docs drawn up, book an appointment for dh to see a solicitor of his own (maybe one of the crappy ones who are advising you weirdly in rl), then get him to sign everything, very, very fast, as if this is all the normal way of doing things. Otherwise, he may resent the implication that you don't trust him.

ty ty ty

did i say i love you?

i do.

i do

i do

i can't believe you rang them for me.

ty
ty
ty

i love you

No prob. It was a bit odd, trying NOT to say, erm, I'm calling on behalf of a friend who I've never met and whose name I don't know.

Hope you get somewhere now.

pmsl - i know!

I think you will have to approach him with great sensitivity custy as I know I would be really gutted if dp did this but would also understand why.The fact that the whole thing is eventually for your kids should make it easier xx

thanks noddy - its a difficult one to be sure.

You have been through so much together don't let something like money f**k things up for you xx

i had the talk this evening - he was more than fine and understod completely. not an issue.
phew