Lump Sum or Buy a Property for the Future ?

[Jumbo1968]

I have been in a relationship for 8 years, we have a 6 year old son, I would like to secure his future as and when I am not around, choices.

1) I leave a lump sum of money, ok there is no guarantee how my partner would use the money albeit I won’t be around to worry about it.

2) Buy a property now which I put in my partners name but put a clause in it to say she can’t sell it if our relationship breaks down and  I can still live in the house till I die.

We have been renting for several years, I know plenty of advice on here would be to carry on renting but there are loads of available properties currently.with some decent reductions.

[pagallim]

If you are really set on buying a property, an option would be for the purchase to be in her name, but immediately leased to you for what is a maximum of 30 years (obviously I don't know your age and whether this would likely be for your life expectancy).

 

Again, your personal circumstances are private, but if you do go ahead with a purchase, I would recommend that you get married.   As well as the lease, this would also secure the property for you should anything happen to your wife, as in the event of her death the property becomes yours and you would have 12 months to sell it.

[Kwasaki]

My take is without more history  if you're partner and you are not married and you do not want to get married. 

What would do is get a lawyer to set up a trust fund for your son which can use from the age of 21 year old. 

While you're alive and still about support him in a good education. 

 

Edited May 20, 2021 by Kwasaki