Trust

[Lionbare]

Hello, my ex and I are talking finances and selling our house. I will need more money out of the house in order to buy in London. I don't want a loan. He is sudggesting giving money to me in trust so that it helps me purchase a property but it would then go to our child when he is 18.

Any thoughts on this idea? Has anyone been in this position?

@Lionbare you need to ask a solicitor.

I can see that your ex wouldn’t want his money going to a new partner if you died.
You both need to see a solicitor to find out the best way to stop that happening.

But equally you don't want to be homeless when your DC turns 18.

Deffo get some legal advice before you agree to anything. It'll cost you a bit now but could save you £10ks or £100ks in the future.

You are using money for a house purchase if it then goes to a child at 18 how would that work is he expecting the money back from property? It sounds like a real headache and definitely question for a solicitor.

Absolutely not. House needs to be in yoyr sole name and you need a will in place leaving said house to son. It may be deemed as deprivation of assets if you go into a care home.

It wouldn’t.

No. House needs to be in your name - don't accept anything less.