giving family member money

Ridgway · 4 November 2012 at 7:00AM

hi,

i am going travelling and gave my dad most of my money and he will be giving me an allowance ever so often.

it is a sizeable amount so i was wondering if i should get him to sign a disclaimer to say the money is mine, would be ok should anything happen?!

or what should it include.

is this also morally wrong?

many thanks

paddedjohn · 4 November 2012 at 7:37AM

Is your Dad claiming any means tested benefits?

Ridgway · 4 November 2012 at 9:38AM

no he is not

Hmm71 · 4 November 2012 at 9:42AM

Why don't you trust your dad?

Annisele · 4 November 2012 at 9:50AM

You can set up a "bare trust", and have your Dad as trustee. However, I'm a little confused - why can't you just keep the money in your own name?

paddedjohn · 4 November 2012 at 10:01AM

As above, why not leave the money in your bank and take a debit card with you? Can't you open another account and get a monthly direct debit set up to deposit funds into your travelling account

CAB_National_Representative · 5 November 2012 at 12:29PM

Ridgway wrote: »

hi,

i am going travelling and gave my dad most of my money and he will be giving me an allowance ever so often.

it is a sizeable amount so i was wondering if i should get him to sign a disclaimer to say the money is mine, would be ok should anything happen?!

or what should it include.

is this also morally wrong?

many thanks

Hi Ridgway - this isn't an area being covered by our CAB representatives, and we don't have information on what to do on our Adviceguide website. If you Google "borrowing from family or friends", you can find a lot of useful hints and tips. Perhaps, as paddedjohn has suggested, setting up a practical alternative that you have complete control over might be the best option.

giving family member money

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