# leaving house in trust for children



## elainem (13 Apr 2007)

Hi! everyone. Does anyone know if I purchase a house for my children, can I leave it in trust for them, so that it cannot be sold until they are a certain age, or could it be in trust to them and then their children, or would a life interest be better. Basically, I have an ex-partner who is a gambler, and I do not want him to have control over the children's property/house should I die, in case he would spend the proceeds - which is very likely. I want the children not to be able to sell the house at least until they are a certain age say 21/25, how can I arrange this? Any advice greatly appreciated.


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## Cashstrapped (13 Apr 2007)

Hi Elaine, done up my will lately which leaves my estate to my parernts who will act in the best interest of my children should I die before they reach the age of 21.  In the event of my parents death prior to mine my sister would step in and be their primary carer and also look after my estate in the best interest of my children.  When my oldest attains the age of 21 they will be entitled to their share of my estate, property etc to be sold then unless already done.  All funds from my estate due to my other children will be held in trust/ invested for them at that point until they each reach the age of 21. I'm sure any solicitor would point you in the right direction to try cover every possible scenario. Good Luck!


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## elainem (13 Apr 2007)

Hi! Cashstrapped. Thanks for the info. Unfortunately both my parents are dead and I am an only child, so I don't have close family to look after my estate. What I wanted was to ensure that the family home could never be sold until my children reached a certain age. With regard to other moneies, I was hoping that the children's godmother, my friend for over thirty years, and my two cousins would be the trustees. I wanted to leave everything as tidy as possible so they would not have any problems in the event that I died. However, the family home is the main concern, that I leave it in a way that it could not be sold until the children were past 21. Is this possible? Thanks again.


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## Cashstrapped (13 Apr 2007)

I could stand corrected on this but it is my understanding that once you include that request in your Will it is up to the Executor of your Will to follow out your instructions (ensure that your Executors are people you can trust to work in the interest of your children). However, I was told by my Solicitor that at the end of the day you are the mercy of your ex-h that he does not contest the Will, on the pretence that he is doing it in the best interest of the children.....  I'm sure your children will respect your wishes, a good idea would be not to let them know what provisions are made for them, also when you say you don't want your house to be sold until the age of 21/25, do you mean when your youngest or oldest is 21/25, because your oldest could be 21 but your youngest 17, you'l need to be specific when you are drawing up your will to avoid any confusion.


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## Vanilla (13 Apr 2007)

Is your ex partner an ex husband? Were you married or not? If you were married have you since divorced or had a legal separation?

You first need to address whether your ex partner ( presumably the childrens father) has any claim to your estate.

Then you should consult a solicitor ( who can also advise you on above) and discuss trusts. I'm afraid that while you can nominate a trust until over 18 that a trust can always be broken once your youngest reaches 18. However they may abide by your wishes in this regard. 

Usually all property is left to the trustees to be held on trust until the youngest reaches 18 ( or you can nominate a later age but be aware they do not have to abide by this). Then property is divided among them.

You can have a strict or discretionary trust. Strict trust you tell the trustees exactly what they can and can't do, discretionary trust allows a little leaway. However there are different tax treatments and it is a complex area so you should really make an appointment to see a solicitor who will advise you generally and then you can make your will accordingly.


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## elainem (13 Apr 2007)

Hi! Cashstrapped and Vanilla, my ex is an ex partner. We were never married. Cashstrapped, my solicitor told me that my ex couldn't break a trust - so many different sides to the law!!. Vanilla, could you explain the idea of a strict trust. This is more the kind of thing I want. Is it possible to leave a life interest in the house to them so that it could never be sold. My ex is a gambler and its quite scary- I would be afraid he would dispose of any property. I had put the Bank of Ireland down as trustees, but this is very expensive. Is there another way of doing things? Any advice greatly appreciated.


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## Vanilla (14 Apr 2007)

As things stand presently an ex partner ( that you were not married to) has no right to benefit from your estate as long as your assets are in your sole name and not in joint names.

Who do you want to leave the life interest to? Your children? Personally I would think this is overkill. Why do you think your ex partner could get his hands on this house if your children become entitled to it? Unless they agree to give him a gift I just can't see how he can benefit.

Most of the time solicitors advise against strict trusts as it allows no leaway to the trustees. And generally trustees are people you trust to take care of your children financially and people who are financially astute. 

However your solicitor can advise you of your options.


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## elainem (16 Apr 2007)

Hi! Vanilla, thanks for your reply. I was thinking of giving the children a life interest in the house, because my ex partner is a gambler (internet). When we were together, he was going through 100k a year - his salary, no mortgage (he was living in my house which had no mortgage), and I was paying most of the bills. When we split up he tried to make a claim on my house, even though he didn't contribute to the purchase, redocration or maintenance of the house. The only bills he contributed to was the telephone and cable t.v. He tried, but failed to make a claim on my house, based on the fact that he had a licence to live there, through having lived there for over three years. Somehow he managed to get joint custody of the children in the courts, though we now live 50 miles apart. He belives that joint custody gives him the ability to challenge any trust fund I set up for the children. That's why I would prefer a strict trust. Any advice or suggestions would again be greatly appreciated.


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