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putting a house in trust

jasonl76
jasonl76 Posts: 12 Forumite
in House buying, renting & selling
my mum asked me to find out how to leave her house in trust for me and my brother, finding it hard to the right information. could someone please tell me the reasons for doing this pros and cons and if thiers possible tax implications.

thanks

Comments

  • clutton_2
    clutton_2 Posts: 11,149 Forumite
    this is such a complex and difficult area, that you will not get proper good advice from a website forum - even from our brilliant resident solicitor Richard - who will not have the time to go into things in the detail that is required !!!

    there are several different types of trusts, and some cost several thousands pounds to set up - you really need a solicitor who specialises in Trusts to give you the correct advice.

    government legislation has been tightening up on "trust loopholes" in recent years, so it is important that you get the most current advice.

    i doubt if you will get a solicitor to give you advice on this for free - but if you have a local free legal advice centre - then try there.
  • chappers
    chappers Posts: 2,988 Forumite
    Its not really a solicitor you need to speak to but more a tax accountant , a solicitor will be able to set up waht ever you want its the accountant who will tell you how to set it up most efficiently tax wise, As has been said it's acomplicated affair all depending on basically when you want the money to be available and under what conditions etc.
  • jasonl76
    jasonl76 Posts: 12 Forumite
    thanks for the reply! from what i found its very complicated.
  • BlondeHeadOn
    BlondeHeadOn Posts: 2,277 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    As someone who has been left trying to run a very badly-thought-out and ill-defined trust (a house being left for 2 children), take it from me you need expert advice on this !!

    It is a nightmare having to work out what you can and can't do under a 'bad' trust.

    :o
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