Putting a house into trust - need advice please

DaddioDee

Thank you for all your advice

Browntoa

Get proper legal advice from a solicitor with expertise in trusts

DaddioDee

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Yorkshireman99

Browntoa wrote: »

Get proper legal advice from a solicitor with expertise in trusts

Even with a trust you can’t prevent inheritance at 18.spmeone will have to be responsible for the insurance and maintenance. How will that be funded?

DaddioDee

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SeniorSam

He really need a solicitor to construct the Will Trust so that his house passes to a Lifetime Interest Trust, often called an Interest in Possession Trust, stipulating who will live in the house until the time his youngest grandchild is 18. Trustees need to be appointed with specific responsibility for the assets of the Trust and the maintenance, but there needs to be sufficient funding to support that maintenance. I am surprised that the solicitor did not make clear what is needed . Trustees can be held responsible if anything goes wrong, so make sure that this is understood and that there are reserve persons who can act as Trustees should anything happen to the first ones appointed. Trustees need to agree to act as Trustees, so you cannot just select someone yourself and that is why solicitors are often appointed as Trustees.

You also need to specify what will happen if the youngest should move from the house before reaching that age and what would happen should the beneficiary, or the child die before reaching that age.

This is a complex Trust arrangement, which needs to be done correctly or it could cause lots of problems for the family but some solicitors will not know the answers unless they have qualified as STEP solicitors. There is a big difference here, so make sure the solicitor is STEP qualified and explains all the implications of such a Trust before it is entered into.

getmore4less

Who lives in the house now.

Does the child with the grandkids want to live there?

What do they do when the youngest grandchild becomes 18.
(assume that is one of child's living there children?)
Forced move (how long) buy out option...

What happens if there are new grandchildren

Care is needed to avoid beneficial interests impacting benefits of all concerned.


Looking like an immediate post death interest in possession trust is an option to achieve the basic goals.

There are a lot of considerations that need to be covered.

Particularly the choice of 18 as the dependancies and education could go on longer.

Needs specialist advise to cover all the angles.

DaddioDee

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Mojisola

DaddioDee wrote: »

From reading the replies I don’t think it’s going to be possible to do, thank you for you help

It's likely to be complicated, expensive and divisive to the family.

If he can be talked out of it, it will probably be for the best.

getmore4less

Any spouse?

Do the other kids have kids or likely to have kids?

Where do this kid and grandkids live now?