Loan From Your Kids?

heating-eng

RobertoMoir wrote: »

I said I was done with this thread but it turns out I was wrong.

I'd just like to make it clear that I have always understood your "issue". It's perfectly clear what you say you are doing and why. I suspect that most of the others have understood you perfectly well too. Have you ever considered that if everyone is criticising you this might actually be because you're wrong?

Frankly it sounds to me like you've already decided to steal from your daughter and now you're just hoping someone will tell you its ok to make you feel better. Sorry if you don't like that, but then it isn't me who's choosing to steal from my own kid. Please don't think that means I misunderstand you, I've met immoral low-lifes before and I understand them all too well...

great post well said

zzzLazyDaisy

I have just come across this thread and haven't read all the posts, so apologies if I am repeating what has already been said.

OP as a Trustee you are charged with managing the Trust on behalf of your daughter You have a duty to keep the money safe and invest it wisely on her behalf The Trust deeds should set out what steps you may legally take, but since the Settlor is still alive, any ambiguity can be resolved by asking her if the action you are proposing to take falls within the ambit of her original intention.

However, if you are determined to go ahead and use the money for your own ends then you should at least seek legal advice as the duties of Trustees can be quite onerous giving rise to personal liablity and in certain circumstances, the risk of imprisonment.

For what it is worth, my own view is that paying off YOUR mortgage with YOUR DD's money or otherwise charging her for rent etc is almost certainly going to be clear breach of your duties as a Trustee.

But you are wasting your time trying to get advice on an internet forum about this - Trust Law is exceedingly complicated and I doubt that there are many specialist Trust Lawyers knocking around these parts. If you want to get your hands on your daughter's money at least get legal advice.

theoretica

Just as wills can be changed after death if all the beneficiaries agree, so can gifts- if everyone agrees. But BOTH the donor and the recipient (your daughter, represented by you) must agree. As we have been saying all along you can not use this money in the way you think would be best. Your only option is to agree with the donor to change this, which can be done and documented. It needs to be documented because a gift from friends age 6 is different tax wise to a later gift from parents.

As a parent you have a number of legal duties- to provide food and shelter and financially support your child. Charging the child for rent, clothes, holidays or food is not financially supporting her.

elfen

OP, you disgust me. If you really think you can get away with it, why not ask those who gifted the money to your daughter if you can spend it and see how they react

ILW

I would have thought that if the person that kindly donated the money had wished the OP to pay their mortgage with it, they would have given it to the OP.

wayne99

Just admit it, you want the cash for your self as your gelous that she has more money than yourself, so stop pus-sy footing around with excuses about expensis and charing rent etc its complete and utter crap.

A child is a human being, you chose to bring her into this world, you would of provided clothes and food and guidence for her for the future anyway.... wouldnt you .... ?

What sort of an example do you honestly think you are setting her for when she grows up ? a bad one i can tell you.

I really sincerley hope you cant get your greedy hands on her money, and if you do i hope you get into alot of trouble about it so it will teach you a lesson, or will it ??

Mikek_3

Ya just go ahead and rob her, she wont mind at all ,sure why dont you take her birthday money aswell if she gets any or maybe you do already. Dont forget to charge her to wash dry and iron her clothes you could get money every week then.Could she not get a part time job at the weekends aswell to keep you going you would be on a winner then.:mad::mad:

tattycath

We appear to be going round in circles somewhat don't we!!!
OP - In simplified terms:
we do get it-and know exactly what you are asking
The general concensus is that...THIS MONEY BELONGS TO YOUR DAUGHTER. If you get your hands on it and spend it you are a thief.
Got it? Do you understand now? I do hope so.

winnie81

tattycath wrote: »

We appear to be going round in circles somewhat don't we!!!
OP - In simplified terms:
we do get it-and know exactly what you are asking
The general concensus is that...THIS MONEY BELONGS TO YOUR DAUGHTER. If you get your hands on it and spend it you are a thief.
Got it? Do you understand now? I do hope so.

I agree you are planning on stealing money that was left to your DAUGHTER with yourselves as TRUSTEES!! :mad::mad:

I hope you can sleep at night! Disgusting behaviour!!

Loopylou90322

I`m very shocked after reading this how can you possibly consider taking money off your own daughter ??? This money was left for her by a relative who obviously trusted you otherwise you wouldnt have been put as a trustee in the first place, You should want the best for your daughter planning on stealing her money is not in her best interest for her, You should be ashamed of yourself it just goes to show what sort of people are out there !!!