We recently visited my PILs. DH's older brother had a quiet word and basically said that PILs were in financial trouble. They aren't very money savvy (not extravagant) and have made some poor financial decisions, I think (eg their mortgage - on a one bed bungalow - costs almost as much as ours does for our family home) He has suggested that DH and his other brother (ie the three of them together) set up some sort of trust, with PIL's putting the house in and living rent free, with some kind of agreed equity release to sort out credit cards etc and to give some small lump sums to their 2 half-siblings. The brothers would pay off the mortgage on the understanding that at some point in the future (ie when PILs die/can't live in it anymore) they get the family home.
We have no idea what this will cost or if it is even legal. Obvs if it all goes ahead it will have to be drawn up by sols etc but just wondered if anyone could give us any advice about it.
Many thanks.
Please or to access all these features
Please
or
to access all these features
Mumsnet has not checked the qualifications of anyone posting here. If you have any legal concerns we suggest you consult a solicitor.
Legal matters
Financial help for PILs - trust?
2 replies
balia · 19/03/2012 20:49
OP posts:
Please create an account
To comment on this thread you need to create a Mumsnet account.