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Joshua
Joshua, Lawyer
Category: Law
Satisfied Customers: 25655
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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i own some flats and have been advised to put charges on them

Customer Question

i own some flats and have been advised to put charges on them in my childrens names can you explain what this would mean
Submitted: 4 years ago.
Category: Law
Expert:  Joshua replied 4 years ago.

Josh-2010 :

Thanks for your question. Please kindly RATE my answer when you are satisfied

Josh-2010 :

Why have you been so advised please?

JACUSTOMER-8vbkrwxz- :

because the flats were part of a settlement and i am now with a new partner he feels that if i remarry and get devorced this will stop my new partner having any claim on them

Josh-2010 :

Thanks

Josh-2010 :

May I ask your age and whether you intend to potentially remarry?

JACUSTOMER-8vbkrwxz- :

i am 49 and no not intending to remarry

Josh-2010 :

Thanks.

Josh-2010 :

Based on what you say I believe you should consdier that you are rather young to be considering your childrens' inheritance as a priority in your mind. It is normally something that one considers as one gets a little older.

Josh-2010 :

That said if you consider it a priority at this stage then there are things you can do but you will wnat to consdier all the issues.

Josh-2010 :

I would suggest you consider that thre may be a far better solution to giving up some of the equity in your properties at this point as you cannot get it back without your childrens' consent if you do and there may be capital gains tax implications as well. Rather if you were to ever remarry consider a pre nuptial agreement with your spouse before you marry which can effectively prevent them from claiming those assets you exclude.

Josh-2010 :

If you do not marry then there really is little issue providing that if you ever jointly bought a property with a partner consider an effective declaration of trust to regulate your respective shares in the property otherwise there could be a presumption of 50/50 ownership

Josh-2010 :

Does the above answer all your questions or is there anything I can clarify or help you with any further?

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