Help to provide for my adult dc via house.

[Notonmywwtch]

My dear df died a few years back . He left all his assets to his wife, our sdm.
She was very controlling of him and mean with her money. But that is another story.
Df had planned to put the house in trust or something , but it is too late now as he did not change the will and died as result of surgery.
Dsm has sold up and moved in with another man and was the sole beneficiary.
The point is I anticipated some money to come to us but this is now not the case.We had hoped to support my dc by investing any money to help them in the future.
So the new situation is we have 40k savings which we cannot add to now ( older semi retired)and own a house of a value of about 300k.
In order to support them
Is there anyway to invest this money?
Also, can we put the house in their names .?

I totally understand my dear df right tochoose his will, I just want to do the best I can with the assets we do have for our dc and any advice would be really great. Thanks .

I'm not sure you can put the house in your kids names. What happens if you need to pay for care later in life ?
How old are your kids?

I mean this in the kindest way, please, just live your remaining years well rather than worrying about what to leave to your children.

You don't need to worry about the house too much anyway. As long as you don't have to sell it to pay for care fees, at that value it's unlikely there'd be inheritance tax to pay.

But also what @TheSmallAssassin says

You don’t have huge assets to leave, so I’m afraid I agree with PPs. You need to concentrate on making sure you’re provided for in retirement, so that you’re not a burden to your DSs in a poverty-stricken old age.

Presumably you live in your house, so putting it in your DSs names isn’t sensible - quite apart from the fact you’d be making yourself vulnerable you’d also be burdening them with bring property owners of a house they can’t live in. When they come to buy their own property they’d pay extra stamp duty, be ineligible for any first -time buyer schemes etc.

The only way to give them money would be to sell and downsize- and if £40K in savings is all you have it would be unwise to give away large amounts of capital to your DSs now.

I’m sorry for the loss of your DF. I understand how it feels to have been effectively disinherited like that.

I'm sorry for your loss.

But I agree with pp. If your children are adults why aren't they providing for themselves? They'll get your assets when you die, why do they need help now?

I agree with pp, you need to ensure your retirement is provided for. £40k in savings at your stage in life is not enough to pass on to adult DC without seriously jeopardising your own future.

I think what you might be able to do if it is the family home with room and they live locally is make an offer for them to live with you rent free while they save a deposit for their own first home. That is a big help in and of itself as saving the deposit is the #1 hurdle reported by first time buyers. So don’t underestimate the value of this help you may be able to offer.

We do not need the savings for ourself as we get work.pensions of ( joint.).just under.2 k per month. We.do not.yet get.state pension as too young.
Due to the situation I want the dc to get the.house somehow.
My dsm is flaunting the money around and laudimg it over the dc .want to be able.give dc something .

Sorry if last post was a bit abrupt.did.not mean to.ignore advice.. have not absorbed it yet
Thankyou.

How about going to a good solicitor and making a proper will?

MiniatureHotdog because its all we have and i want to.make sure they get the help I never had. I am worried that I would go on care costs .

I wouldn't make any big decisions now, you are obviously grieving and very hurt by what's happened, don't do anything until a bit of water has passed under the bridge.

My mother remarried after my DF died. Before she did , she signed ownership of her house to me and my 2 DB . It was only worth about £100,000 but didn't want her stepson to get his hands on it.
In return I promised her that her 2nd husband could continue to live in it after her death . She died about 7 years later . He lived until he was 90 . We then sold it to my nephew.
I think it's ok to sign it over to your children but you need to live longer than 7 years .
I would also get a solicitor to make sure that the kids can't throw you out on a whim . While most families get on well throughout their lives , sometimes shit happens .

winnieanddaisy thank you ! Thats what we.want ! Can u recall.what iys called !

Are your DC already homeowners?

If you sign your house over to them and continue to live in it then there are a lot of consequences for your DC (& also for you and your DP) you might not have thought of.

If it’s the house value getting swallowed up in care costs I would not worry about this too much.

If one of you needs care, only the value of 50% of your house is considered, and they can’t force you to sell whilst the other partner/joint owner lives there.

If one of you dies, in your will leave 50% of the house to your 2 DC not your DP. Then, once more, only 50% of the joint value could be considered for the surviving DP’s care costs if needed.

This will protect your assets after your death. Signing away your house now isn’t a good idea really.

If you do need care, your DC might actually find it distressing not to have the easy option to pay for a good standard of care, rather than seeing their much loved DPs put into whatever care home is allocated by the local authority.

Don’t be hasty, basically. Your situation with your DF’s second wife can be protected against without signing your property away now.