Leaving House to Children

TheDirector

Yorkshireman99 wrote: »

Ale sure. They are a STEP member. Trust law is incredibly difficult as is the beneficial interest concept. I make no claim to understand either. Many high street solicitors don’t either. It makes my brain hurt thinking about it!

I dont know if Im missng something here, but it seems to me that if we say we want to leave a property in the trust of named people until they are 18 that basically nothing needs to happen until they are 18 (or 21 or 25). It sounds like the restriction simply highlights that this trust exists, but it is not essential and neither is the need for the trustees to temporarily register their names with the land registry.

The main thing I want to clarify though is the bit about the bricks and mortar i.e. whether there is any issue in two children being able to both have their names put on the land registry as joint owners of the property when they turn 18, and potentially deciding to defer selling and to reside in the property. I have probably read Land Registry's post wrong, but I inferred from it that that was not possible.

p00hsticks

TheDirector wrote: »

What is TIC and JTs?

Tenants In Common and Joint Tenants - the two main ways of more than one person jointly owning a property

Yorkshireman99

TheDirector wrote: »

I dont know if Im missng something here, but it seems to me that if we say we want to leave a property in the trust of named people until they are 18 that basically nothing needs to happen until they are 18 (or 21 or 25). It sounds like the restriction simply highlights that this trust exists, but it is not essential and neither is the need for the trustees to temporarily register their names with the land registry.

The main thing I want to clarify though is the bit about the bricks and mortar i.e. whether there is any issue in two children being able to both have their names put on the land registry as joint owners of the property when they turn 18, and potentially deciding to defer selling and to reside in the property. I have probably read Land Registry's post wrong, but I inferred from it that that was not possible.

This is why you need to discuss it face to face. Even experienced lawyers often get confused by it so you as a novice have little chance of doing so. You will mot achieve much by continuing to tie your brain in knots!

getmore4less

You are getting bogged down in details(legal beneficial) that only matter once you have a clue what it is you are planning to set up

It will help a but real world issues like where your kids will be is more important.

The rest drops out from that.

74jax

Are you both prepared for if person 1 dies and all passes to the remaining partner. Remaining partner remarried (or just moved in with someone) and the remaining will changing to account for the new partner?

Why not leave the children something on each death so the person dying knows they have provided for the children as best they can? And the surviving partner doesn't have any added pressure of they move on with someone else.

Also why 25? What if at 23 they really, really could do with a bit of help then and are struggling?

TheDirector

To be clear, there is not a huge amount to clarify - mainly just the point about children not having to sell the property after turning 18 i.e. becoming joint owners. From what I can see it is fairly straight-forward and there is no obligation or major advantage to adding the restriction.

In terms of the query over what happens if second person remarries. Personally not worried about any of that. Happy with leaving everything to the other half and then everything thereafter, to children.

TheDirector

p00hsticks wrote: »

Tenants In Common and Joint Tenants - the two main ways of more than one person jointly owning a property

Ah yes, thanks :-) though I have re-read the Land Registry's first post and I cannot see any explanation that references TIC and JTs.

TheDirector

74jax wrote: »

Also why 25? What if at 23 they really, really could do with a bit of help then and are struggling?

Its a fair point, but we prefer to go with 25, because at least they will have a roof over their head if things are difficult, which is important given house prices, cost of renting, lack of social housing etc etc.

Yorkshireman99

TheDirector wrote: »

Its a fair point, but we prefer to go with 25, because at least they will have a roof over their head if things are difficult, which is important given house prices, cost of renting, lack of social housing etc etc.

Be aware that that at 18 the children can apply to break the trust.

TheDirector

Yorkshireman99 wrote: »

Be aware that that at 18 the children can apply to break the trust.

Thanks Yorkshireman.