Renting to my father

gash

Correct Xylophone. And no, a solicitor didn't draft the will which was part of the reason it was in probate so long. Just after grandad died I did see a totally independent solicitor for advice on what my section of the will meant with regard to the trust, and she also after reading the Will, matter of factly said 'the trust part means nothing...it is your Trust to break'. Make of that what you will, but the way she put it, it was a daily occurrence to break trusts (ones mentioned in a will like this). I'm not arguing one way or another, but there we go.

As said previously, I am going to clear up this gift/trust thing regards daughters half.

Thanks

xylophone

'the trust part means nothing...it is your Trust to break'.

But how can this be the case if your minor child had rights under the will?

Is your solicitor a member of STEP?

https://www.step.org/member-directory

gash

The meeting I'm talking about was almost 4 years ago with a totally independent solicitor. I had booked an hour to discuss the wording of the will. And the above response is pretty much what i came out with. The family solicitor dealing with the will IS in STEP. Unsure about the one I saw independently as I can't remember the name.

00ec25

Sea_Shell wrote: »

(sorry if i've completely misinterprited the situation)

in my opinion you have misinterpreted the situation

and furthermore it would actually suit OP's position that the money was left to the Op's daughter because if it is classed as a gift from OP to his daughter that opens up a whole new and more expensive set of tax implications for OP given that his daughter is a minor and he would have inherited the whole lot, rather than "merely" a 50% share of it

somewhat easier if the money is a legacy from the dead great granddad and can be treated as (we think) a bare trust for her, operated by the Op who is her father

BrassicWoman

gash wrote: »

I can't for the life of me understand why some people appear to feel I haven't got her best interests at heart. If you read the whole thread I think it's quite clear I do, and I'm just trying to make the best return with her money.

No, you are not. You are trying to balance the return for your daughter, with the needs of your father.



Which is admirable but in conflict with your legal duty to get her the best return, if you are the trustee.


Chucking it into an investment fund may be better for your daughter; less hassle when she comes of age; less faffing generally. And legally, a lot less fuzzy.

BrassicWoman

ruhe wrote: »

Investment funds?

How many billions and trillions of pounds were lost by people all over the world in 2007 because of all the chicanery, deception and lies that the investment world perpetuated?

Which is why investements are now more tightly regulated. So as long as you're not in bitcoins...


Or do you also not eat flour becaise in the 1600s it had chalk in it?



How many people got stuck in negative equity when ther house prices plummeted?


Nothing is perfect, but an investment another family member does not live in is less likely to cause issues down the line!

00ec25

ruhe wrote: »

I respect everybody's opinion as well as acknowledging there's some amazing contributors on these threads but we still can have different opinions about different topics

obviously

what point are you trying to make?

Red-Squirrel_2

ruhe wrote: »

Well basically I was trying to politely infer indirectly that I'll respectfully agree to disagree but I really think you knew that anyway!

Are you the OP on a different account? I'm confused!

Keep_pedalling

As I read this the will set up a trust that gave the OP the right to occupy for 10 after which time his daughter would have the right to do what she wished with her half of the house. That trust ended at the point the house was sold, so any proceeds should now be owned 50/50 and the daughter has an absolute right to her share from her 18th birthday.

As a minor her money should be held in trust, and should not be combined with the OPs assets to perchase a property or any other asset.

You should do nothing until you have taken professional advice from an expert in wills and trusts.