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JGM
JGM, Solicitor
Category: Property Law
Satisfied Customers: 11676
Experience:  30 years experience in property law.
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I'm looking best way of keeping property ownership

Customer Question

I'm looking for the best way of keeping property ownership confidential and ultimately passing to my young boys.
Please reply if you are qualified in this area and not merely a family lawyer as was the case previously.
Thank you
Submitted: 2 years ago.
Category: Property Law
Expert:  JGM replied 2 years ago.
-Could you explain your situation a little more?
I am a property and trust lawyer.
Customer: replied 2 years ago.

Thank you four reply and my apologies for the delayed reply. I had knee surgery on Friday and somewhat laid out yesterday.

My personal situation as follows:

I am a muslim man marries to my first wife through the civil process in the UK. We have five grown up children and all settled in their own rights and four of whom are married and the youngest is doing a Phd which I am paying for. We have been married since 1983 and still together.

I also had a second islamic marriage to a previous partner we have been separated since 2011. We have two boys, ages 9& 6

She now has another partner.

I have a property portfolio of approx. £1m (UK assets) and have just sold two properties for £585 k

The ownership of my properties as follows:

- One my son owns who is at University

- Two are owned by a member of my family who is a Pakistani national

- land I recently bought is owned by a Uk ltd Company ( I am a director and shareholder of that company)

- Family home is owned by my brother in law who is an Indian national.

- Some properties are owned by my daughters

- I have bought some further land recently in partnership with three other people. The land is bought through a limited company and I will own 25% shares which I want to give to my minor boys.

The ultimate beneficial owner of all the properties is myself

Mt ex. partner lives in home which is mine and owned my a Panamanian Company. She has now bought the house, Contacts have been exchanged and completion Jan. 2016

AIM

I am trying to set up a structure whereby the ownership remains confidential of my properties from my ex. I do not trust her !

the aim of the new structure should be as follows :

I should be able to benefit from the rental income

Ultimately pass own the properties to my minor children at a given age.

I hope I have given sufficient information to assist you.

If you require any additional information please do not hesitate to ask.

Thank you

Expert:  JGM replied 2 years ago.
One way of dealing with this would be to set up a trust for the benefit of you and your children. The trust would have a number of trustees, and beneficiaries. It would provide that the trustees could apply income and capital for the benefit of the beneficiaries. The trustees would have discretionary powers.
The trust deed would remain private. The name of the trust would be shown as the owner of each property. You can call the trust whatever you want b
Customer: replied 2 years ago.

I understand the mechanics of setting up a trust.

My fundamental questions would be :

If I was a beneficiary and say the minors too and if it ever came to be legally challenged by my ex. to disclose my assets or income how secure would it be as I would then have to declare that information ?

I do not want her to know even the fact the children are beneficiaries as she may want to claim a stake their benefits

Expert:  JGM replied 2 years ago.
I'm not an English family lawyer (you said you didn't want a family lawyer) and the first question you pose us for an English family lawyer.
As far as the second part of the question is concerned unless someone told her, the trust would not publicly name the beneficiaries.
Customer: replied 2 years ago.

Would you be in a position to find this information for me please?

Expert:  JGM replied 2 years ago.
I can't I'm afraid. I don't do English family law.
Expert:  JGM replied 2 years ago.
I understand that one of my family law colleagues has advised you that since the only application which your ex could make would be a Children Act application which does not have the same wide remit as Divorce proceedings - and since the issue of the house in which your ex lives has already been resolved there is no risk that she will have a claim on the properties.
My colleague is a senior family law expert and I take no issue with anything she has said.