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Beneficial Interest
FoolAndHisMoney
Posts: 1 Newbie
Hi,
I have a question about beneficial interest. In my particular case its about making sure I have as little as possible.
Thankfully, I'm not currently facing any financial issues, but being self-employed feel that I always have a slightly higher risk (e.g. a client taking action against me or such like), and want to protect my family against any events, however unlikely.
We recently purchased a house, for cash, the bulk of the money coming in the form of a gift to my wife from her generous father (who had in fact recently inherited money himself).
I was very keen to ensure that the money given to my wife was absolutely a gift to *her* and not me, since I don't ever want any mistake I make in business to hurt her assets.
The gift was made to my wife's own bank account and then transferred to the solicitor in order to purchase the house (the money never went near me). We also completed a deed of trust, specifically explaining that my share of the house is much less. The solicitor has filed this with the Land Registry (at least I think that's where he said it got filed, I'd have to check again).
I just want to check if this is pretty much watertight and whether my wife's assets (the lion's share of the house) are secure from any incompetence (however unlikely) by me, her idiot husband, in the future?
I have a question about beneficial interest. In my particular case its about making sure I have as little as possible.
Thankfully, I'm not currently facing any financial issues, but being self-employed feel that I always have a slightly higher risk (e.g. a client taking action against me or such like), and want to protect my family against any events, however unlikely.
We recently purchased a house, for cash, the bulk of the money coming in the form of a gift to my wife from her generous father (who had in fact recently inherited money himself).
I was very keen to ensure that the money given to my wife was absolutely a gift to *her* and not me, since I don't ever want any mistake I make in business to hurt her assets.
The gift was made to my wife's own bank account and then transferred to the solicitor in order to purchase the house (the money never went near me). We also completed a deed of trust, specifically explaining that my share of the house is much less. The solicitor has filed this with the Land Registry (at least I think that's where he said it got filed, I'd have to check again).
I just want to check if this is pretty much watertight and whether my wife's assets (the lion's share of the house) are secure from any incompetence (however unlikely) by me, her idiot husband, in the future?
0
Comments
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that is pretty solid from my view point, especially if you have more assets than debts yourself at the momentHi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0
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