Buying House In Trust

[jacc14 10]

Hi. Not sure if this is the right forum but it is about property. We are buying a property for my son to live in. In normal circumstances we would put the property in his name but he is a vulnerable adult as has Asperger’s and from past bad experience  know that he needs guidance and support and the knowledge he can’t be taken advantage of. With this in mind we would like to put the house in our names and this be automatically transferred to him once we pass. Does anyone know if this is possible and who I could talk to. Many thanks J

[*Wallace* 333]

Pretty sure it’s perfectly possible maybe Citizens Advice as a first step ? Have you Googled it ?

Edited March 4 by *Wallace*

[jacc14 10]

Hi. I have but not found anything specific. Good idea about citizens advice. Thankyou. 

[mafya 250]

4 hours ago, jacc14 said:

Hi. Not sure if this is the right forum but it is about property. We are buying a property for my son to live in. In normal circumstances we would put the property in his name but he is a vulnerable adult as has Asperger’s and from past bad experience  know that he needs guidance and support and the knowledge he can’t be taken advantage of. With this in mind we would like to put the house in our names and this be automatically transferred to him once we pass. Does anyone know if this is possible and who I could talk to. Many thanks J

A joint tenancy ownership might be suitable in this case, you put yourself, your son and your partner as joint owners and when one of you passes away the share is passed to the surviving joint owners. More details here=

https://www.gov.uk/joint-property-ownership

This is what our family has done…

[Jeffrey Shaw 90]

Take advice from an accountant or tax adviser before any Deed of Gift.

There can be pitfalls re Inheritance Tax and s.339 of the Insolvency Act 1986.