Shropshire family inheritance cash needs protecting
Parents and grandparents across Shropshire offering to “advance an inheritance” to their children to help them onto the property ladder must be aware of protections in place, a county law firm said today.
Parents and grandparents often wish to help their grown-up children in whatever way they can and being able to give them a lump sum to use as a deposit on a house is becoming more popular in the current economic situation.
But the move can result in problems if a relationship or marriage breaks down and the gift becomes part of a financial settlement and half can be paid to the ex-partner.
Colin Davies, of Shrewsbury-based law firm Linder Myers, who specialises in family law, said: “Financial gifts of this nature can be protected and it is therefore important that when the new home is bought, the conveyancing solicitor is made aware that the deposit has been given by a family member and the deeds should reflect this.
“If this has not been done at the outset, there may be other ways for the monies to be protected on separation, but this is more difficult.”
For more advice on this issue contact Colin Davies on 0844 984 6138 or visit www.lindermyers.co.uk
