Gifting Money to your children to buy a house or in your will? If you do not want your gift to be shared with their spouse or partner you need to take action now.
If the “Bank of Mum and Dad” were a real bank, it would be one of the biggest mortgage lenders in the UK. Recent figures suggest parents contributed around £6 billion to their children last year to help them get on the housing ladder.
Many of those buying a house with the support of their parents have a partner or spouse they are buying with. Unfortunately, if that relationship comes to an end then there are often disputes about the gift and who should keep the benefit of it.
If this is addressed at the outset, we can protect the gift from being shared with a partner or spouse if the relationship breaks down in a simple and cost effective way. If it is left until later, it can cause significant problems which are much harder to overcome.
Similarly if you intend to gift your children money or assets in a will, we can ensure it is protected from any future relationship breakdown.