Loan From Your Kids?

g4fne

Ok maybe a troll, maybe not, but watching the witchunt from distance is a little disturbing. Too many moralistic posters sitting on their high horses who thinks the world is black & white ..... sorry folks it aint.

For arguments sake i will assume its a genuine post and think i can see where yor coming from. Assuming you are genuine & you have your childs best interest at heart, then i see little problem with what your proposing. Use the £10,000 money to pay off your mortgage releasing monthly funds to enjoy a higher standard of living for your whole family. You then agree to release funds from your property (whether downsizing or other avenues) at your daughters 18th Birthday. I see no reason why a legal document could not be drawn up dictating how much you will be required to payback and assuming you have your daughters best interest at heart you could allow for a much higher interest rate than she would get anywhere else.

theoretica

I would not have been particularly happy to have my parents downsize especially to a house with no room for me at 18 and hand me a wodge of cash! It would be a bit disruptive in the middle of A levels.

steadynerve

thanks gfne at last a polite post and one seeing the angle i'm coming from. And even promosing a possible so;lution great. But could this be done legally. I was thinking the expenses route would be more better route legally but i don't know for sure.

Kavanne

steadynerve wrote: »

thanks gfne at last a polite post and one seeing the angle i'm coming from. And even promosing a possible so;lution great. But could this be done legally. I was thinking the expenses route would be more better route legally but i don't know for sure.

No it can't be done. You can't benefit from your daughter's inheritance.

EDIT: OK Maybe I was hasty, I have no legal background but I hope to god the above is correct.

If you really want an answer you need to consult a solicitor.

g4fne

steadynerve wrote: »

thanks gfne at last a polite post and one seeing the angle i'm coming from. And even promosing a possible so;lution great. But could this be done legally. I was thinking the expenses route would be more better route legally but i don't know for sure.

You need proper legal advice. Only a solicitor will be able to answer that. I dont think you are going to get to many objective answer on here as you have found out.

g4fne

Kavanne wrote: »

No it can't be done. You can't benefit from your daughter's inheritance.

EDIT: OK Maybe I was hasty, I have no legal background but I hope to god the above is correct.

If you really want an answer you need to consult a solicitor.

It is not an inheritance .... It is a gift in a normal bank account that the OP has access to. If the OP approached the giver of gift & they agreed to a proposition then i see little to stop them

ILW

Has anyone seen the OPs other thread, they are trying to stitch up their mother who has demetia, by looking for legal loopholes. All for the benefit of the "inheritors".
Think if they were looking after me I would beg to be put into care.

BitterAndTwisted

A child of six years of age is not legally competent to even give their permission for someone else to spend their own money.

A parent is supposed to be in a position of trust and to be mindful at all times of the well-being of their children and to protect their interests.

None of what you are proposing can be justified in any way whatsoever, no matter how you try to devise this in your own mind.

You are a disgrace to parenthood

dotchas

I can see the scenario is different as originally posted as it was a gift and is held in a bank account the parents control.
You need advice from a legal expert about what you can or can't do. There are too many potential problems with what you propose OP.
What happens if you divorce and remarry?
What if you become ill or unable to work and cannot keep the house?

My parents opened a bank account for me when I was young and paid into when they could and an inheritance was added and an insurance policy when I was 18 .I would be gutted to realise they had spent any of the money,although I am sure they could have done with it at times.Morally it would be wrong.

aaronoxf

and what if you cant pay back the money? like you mentioned?