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If you were giving your children large amounts of money, would you try to protect it from being taken in a marriage spli

Answered 5 years ago

If you were giving your children large amounts of money, would you try to protect it from being taken in a marriage split?

I inherited a decent amount of money and I want to give it to my kids, my oldest is married and has a family. A year ago I suggested buying a house (I wouldn't be playing for the entire house, there would still be a, mortgage), it would be in a trust so his wife wouldn't own it. It caused a huge drama, so I just left it. I was thinking of buying a house and renting it to them cheaply instead, though it would be held in a trust for my son and in his and his children's names, not his wife and her children from a previous relationship (both had children to previous relationships). I don't want to cause any stress, I don't really know what to do. I know they don't have the best relationship and probably won't be together forever. The only other thing I can think of is just leaving all the money in the trust for down the track, but I know they would love to buy a house.


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ANSWER
5 years ago
Put it in his children's names only. It's totally understandable where you are coming from and I feel the same. Then it's a nest egg for their future. If they don't like it then that's their problem. They should be grateful.

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REPLY
5 years ago
I might end up doing this thanks

REPLY
5 years ago
Seek legal advice because if the trust is in children’s names and father dies and children are under 18 can then be under control of their guardian being their mother. Make a family trust with your husband or yourself or both as the director and place the home in there. So you technically are in control still, meaning it is safe from everyone. Then draft a will to which your son becomes the director after a death

REPLY
5 years ago
Thanks, it's currently all in a trust for myself and my two children.

ANSWER
5 years ago
My parents gave us all an interest free loan that we signed for and if we split and the house is sold we have to pay my parents back. It would in turn be given back to me, this is how it was protected.
2 of us were married the other two were single at the time so it protected everyone it was 400k .

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REPLY
5 years ago
All the houses have recently been signed over to the family trust fund though which partners have no claim to or access to.

REPLY
5 years ago
Thanks

ANSWER
5 years ago
See a solicitor

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REPLY
5 years ago
I have, and the money is tied up in a trust. I just wanted pass it on.