April King

Goldman2020

Has anyone put their property into TIC and then set up a trust for the children? What are your views?

AnotherJoe

Goldman2020 wrote: »

Has anyone put their property into TIC and then set up a trust for the children? What are your views?

Yep I did 3 years ago and am now reversing that with latest wills which should be concluded shortly . We decided that whoever was left wanted control and easy ability to sell, to upsize, downsize, use all the money for a good care home, or whatever without having to get agreement from the kids. It was done originally for the "gold digger situation" and not evading care fees, but would have applied to both situations ( for the half that was left to kids obviously not all of it) So we stay as TiC but inbthe new will each leave our half to the other. The kids will just have to hope I don't take up with a Russian supermodel or whatever. (Or same for MrsAJ)
It's also going to reduce the size of the will which seems to be mostly taken up with trust clauses currently.

getmore4less

AnotherJoe wrote: »

Yep I did 3 years ago and am now reversing that with latest wills which should be concluded shortly . We decided that whoever was left wanted control and easy ability to sell, to upsize, downsize, use all the money for a good care home, or whatever without having to get agreement from the kids. It was done originally for the "gold digger situation" and not evading care fees, but would have applied to both situations ( for the half that was left to kids obviously not all of it) So we stay as TiC but inbthe new will each leave our half to the other. The kids will just have to hope I don't take up with a Russian supermodel or whatever. (Or same for MrsAJ)
It's also going to reduce the size of the will which seems to be mostly taken up with trust clauses currently.

With life interest will trusts

Apart from full access the kids don't get any say unless you make them trustee(s).

AnotherJoe

getmore4less wrote: »

With life interest will trusts

Apart from full access the kids don't get any say unless you make them trustee(s).

Someones got to be a trustee have they not?

getmore4less

AnotherJoe wrote: »

Someones got to be a trustee have they not?

The life tenant is one so they retain the main control.

Then if worried the kids may not play ball you find someone more neutral or on side with the life tenant.

Still leaves the problem that the capital assets are locked up.

AnotherJoe

OK, so for me (or MrsAJ) too much hassle, so my plan to keep it simple stays.

Whichever of us dies first the other will be selling up fairly soon after.

Goldman2020

Is there any point or benefit in going TIC and leaving your respective 50% within the will in trust to the children?

Yorkshireman99

Goldman2020 wrote: »

Is there any point or benefit in going TIC and leaving your respective 50% within the will in trust to the children?

Tic protects half the value incase one person needs car.

AnotherJoe

Yorkshireman99 wrote: »

Tic protects half the value in case one person needs care.

It also protects the childrens "half" from a subsequent remarriage or other change of will which disinherits them.

Goldman2020

Is TIC the more popular option over JT and the option the majority of people tend to choose?