Buying a second home (cash) for daughter

Mrs_pbradley936

You could do what we did with our teenage son - we had a Deed of Trust drawn up and we provided the funds, he was the legal owner but we were the beneficiaries. We did it because he had an endowment which matured when he was 18 and we did not want him to have access to a lot of money at a young age. Talk to a solicitor but if your daughter is sensible then I think I would buy it outright for her - the only downside would be if she takes up with a chap and later on he walks away with half of it.

Bonniepurple

ratsmoneystuff said:

Keep_pedalling said:

A couple of other considerations.

At the moment it appears that your joint net worth is around £950k so out of IHT territory but getting close to it, so gifting could be considered good advanced IHT planning.

You have 2 other adult children, are you planning to even this up with gifts for them or a change to your wills?

Thanks for this.  We would change wills to reflect any gift.  2 others are in different circumstances to the third.  There's a complex back story (isn't there always? but certainly a case of 'need' rather than simply a random thought of one over the others. 

Have you confirmed with your other children that they are happy with their sibling getting the money now, and understand why?  I was given a lot of money by my Dad, but he always checked with my brother that he was okay with it and understood the reasoning behind it.  I was under the impression that I’d had my share and my brother would inherit the bulk of the remainder of the Estate, but it’s turned out it’s split equally.  My brother is happy, I’m happy, and my Dad’s much needed support has helped enormously over the years.

ratsmoneystuff

Bonniepurple - yes, the three of them are very close and the other two are fully supportive of this (so far only) muted idea.  Mrs_pbradley936 - she is a sensible woman. Can't predict what the future holds, but she's very aware of what could happen if someone else was ever to come into the frame.   Thanks both for your input

F70

Be careful of this, when my father died it untangled a list of gifts and loans to my sister. We was very close but now have not spoken in 4 years and I am personally down over 100k. Just because he thought we was in a better position than her being 10 years older, but could not be further from the truth.

Flugelhorn

ratsmoneystuff said:

Bonniepurple - yes, the three of them are very close and the other two are fully supportive of this (so far only) muted idea.  Mrs_pbradley936 - she is a sensible woman. Can't predict what the future holds, but she's very aware of what could happen if someone else was ever to come into the frame.   Thanks both for your input

I think the key is being very open and ensuring that the children are treated fairly in any will