Protecting son's inheritence

TBagpuss

tallyhoh wrote: »

Thank you all. Son is an adult but easily manipulated by his father, other family members have been previously conned into handing over money.

I am having a will drawn up to try & prevent his father getting his hands on anything I leave but am afraid that once the house is transferred into sons name & executor thinks his job is done father will persuade son to take out loans/remortgage or sell house.

Is there anything I can register on the land registry site to say that nothing can be done while father is alive? Thank you all again

Not on the Land registry.

You could however set up a trust, and put the house into trust. You could have a discretionary trust with your son and his children as the beneficiaries.

The Trustess would then control the funds (it would probably be best to set it up so that they can sell the house and invest the proceeds, unless your son is likely to need to live in the house) and could provide money to your son and/or his chaildren as they se fit.

You could let the trustees know about your concerns so they could control what they release and when. This might mean paying your son the oncome from the trust and releasing capital if *he* needed it, for instance for home improvements, to pay university fees for the childrne etc, but he would not contriol it. This would mean that he could truthfully tell his dad that it was not his to give away, so the pressure would be on the trustees, not on him.

You could also give the trustees permission to wind up the trust once your ex dies and to either release the mony to your son, or to pay it to him and his children at that point.

Another optin wuld be to skip your son altogether and leave the assets in trust for your grandchildren. They may have a different relationship with their grandfather and, depending on their current ages, he may not be around bythe time they would reach 18 (or 21, or 25) and become netitled to their share of the estate.

Have you discussed any of this with your son? How is he likely to feel about you setting things up in a way which makes clear you don't trust him to manage his inheritance?

I get that you see his dad is very manipulative - does your son agree with you about that?

It may be that your son would prefer to be able to make his own choices, even if that also includes making his own mistakes.

Is your son married? You culd consider eaving everything to him and his wife jointly (I expect you could make the gift to her conditional on them being together when you die) - she may be better at stading up to her Father in law than your son is.

Whatever you decide, i strongly urge you to talk to your son ahead of time so that he knows in advance what you are going to put in your will.

tallyhoh

TBagpuss wrote: »

Not on the Land registry.

You could however set up a trust, and put the house into trust. You could have a discretionary trust with your son and his children as the beneficiaries.

The Trustess would then control the funds (it would probably be best to set it up so that they can sell the house and invest the proceeds, unless your son is likely to need to live in the house) and could provide money to your son and/or his chaildren as they se fit.

You could let the trustees know about your concerns so they could control what they release and when. This might mean paying your son the oncome from the trust and releasing capital if *he* needed it, for instance for home improvements, to pay university fees for the childrne etc, but he would not contriol it. This would mean that he could truthfully tell his dad that it was not his to give away, so the pressure would be on the trustees, not on him.

You could also give the trustees permission to wind up the trust once your ex dies and to either release the mony to your son, or to pay it to him and his children at that point.

Another optin wuld be to skip your son altogether and leave the assets in trust for your grandchildren. They may have a different relationship with their grandfather and, depending on their current ages, he may not be around bythe time they would reach 18 (or 21, or 25) and become netitled to their share of the estate.

Have you discussed any of this with your son? How is he likely to feel about you setting things up in a way which makes clear you don't trust him to manage his inheritance?

I get that you see his dad is very manipulative - does your son agree with you about that?

It may be that your son would prefer to be able to make his own choices, even if that also includes making his own mistakes.

Is your son married? You culd consider eaving everything to him and his wife jointly (I expect you could make the gift to her conditional on them being together when you die) - she may be better at stading up to her Father in law than your son is.

Whatever you decide, i strongly urge you to talk to your son ahead of time so that he knows in advance what you are going to put in your will.

All good points. No, son doesn't realise how is dad is & possibly never will. I will be talking to son's partner as she has a better understanding of the way the world is.
Appointment with solicitor is on Thursday & I will be discussing all suggestions. Thank you