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Trust
Comments
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Have you talked to your mum about why she wants to do it this way?
It may be that she wants to protect you n the event that you and your spouse were to split up, or that she sees it as a way of helping her grandchildren.
If there was a trust, then you would need to get proper advice about how it was drawn up. It would be perfectly possible to build in provisions which would let you move to a different property to be held on the same terms, for instance, so that you could move if you needed to either for work or accessibility reasons.
However there would be a lot of complicated issues to address so step one is to identify what, specifically, she wants to achieve and then for you and her to each get separate, professional advice so you clearly understand the arrangements.All posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)0 -
She sounds like a total control freak. If you can’t bring yourself to give freely without tieing the recipients up in silly conditions don’t give at all. I don’t really blame the brother in NZ for turning down the offer.0
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Unlike most I can’t see a downside here for you. At worst it will enable you not to have to pay rent and save that to potentially buy your own property later, or worst case, accumulate savings which can be used for rent later.
As someone else posted such a Trust ought to have the abilty to sell this house and buy another , and also sell the house to downsize and release some of the assets to the children.0 -
My brother lives in New Zealand and doesn't have contact with our mother due to the fact she offered a similar trust to his family and he turned it down so she refuses to speak with him.
Wow, sounds like she wants to be in control, I would down this offer, if not speaking then her loss, as something is not right.
P.s. This would have been helpful in the first post.0
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