Declaration of trust?

[toomanyjellyfish]

I'm purchasing a property with my new partner. I'm providing the £50,000 deposit but the house will be shared 50/50 with my deposit protected. I was going to draw up a declaration of trust to do so will cost almost £600. We also intend to draw up wills and so I'm just wondering, couldn't we write something in the will about my £50,000 instead?

Basically I have a child from another relationship. If I was to die I would want to ensure my partner could carry on living in the home (we are sorting life insurance) but if/when he dies I would want the £50,000 to go to my son then the rest of the asset would be split between my son and whomever my partner decides to leave his share to.

Do I need a declaration of trust or would a will cover all this?

What if you split up and the house had to be sold? Your will is irrelevant in this scenario!
A declaration of trust is essential to protect your financial contribution. £600 is tiny compared to 50k, so we'll work the expense on my book.

@AgreeableDragon thankyou! Of course yes! Thanks for that

I'm in a similar position so my deposit is double what my partner is putting in. We've had to do both the declaration of trust and the will as the will only comes into place when you die. In my case we have different % ownership rather than protect the deposit as that's a fairer way long term. It's money well spent imo

A declaration of trust is essential in case you split up. When I bought a house with my first BF, we had one. Two years later, when we split, he tried to argue that the house proceeds should be split 50/50. I was so glad to have that piece of paper so I could get my money back.

For the sake of £600 - are you really willing to risk it ?!!!

Yeah absolutely. Thanks everyone, appointment booked