Mortgage protection

[SA Gold]

Re: Mortgage protection

Sorry for the delay in posting. I have taken a look at the link. Need to sort a few things out in this area. With regards to setting things up in to a trust fund - is this something i can do, or does it need to be done through a Solicitor?

Cheers
SA

[PlanB]

Re: Mortgage protection

With regards to setting things up in to a trust fund - is this something i can do, or does it need to be done through a Solicitor?

Where did the idea of a Trust Fund come from That would normally only be helpful if you have serious assets and you want to minimize tax issues. Having said that you can set up something called a Discretionary Trust which only kicks in if you or your partner die. That way all your assets would go into a trust where the Trustees will have the discretion on how to spend it. It's a good way to prevent children from inheriting money too young and squandering it


You can also dictate the age at which your offspring can inherit (e.g. 25 years old) so that the Trustees manage the money/assets until that point. You can dictate what the money is to be used for too such as education or to buy a property. It's a good way to control your children from beyond the grave. You can get a solicitor to set it up now or you can write in your Will that on your death a Discretionary Trust will be set up. Either way I think you would be wise to use a solicitor. Here's some boring info on this to get you thinking:

http://www.hmrc.gov.uk/trusts/types/...nary-accum.htm

[SA Gold]

Re: Mortgage protection

Where did the idea of a Trust Fund come from That would normally only be helpful if you have serious assets and you want to minimize tax issues.

That's not me then!

Having said that you can set up something called a Discretionary Trust which only kicks in if you or your partner die. That way all your assets would go into a trust where the Trustees will have the discretion on how to spend it. It's a good way to prevent children from inheriting money too young and squandering it

Ah, that sounds around the lines of what i have been thinking about, thanks!

You can also dictate the age at which your offspring can inherit (e.g. 25 years old) so that the Trustees manage the money/assets until that point. You can dictate what the money is to be used for too such as education or to buy a property. It's a good way to control your children from beyond the grave. You can get a solicitor to set it up now or you can write in your Will that on your death a Discretionary Trust will be set up. Either way I think you would be wise to use a solicitor. Here's some boring info on this to get you thinking:
http://www.hmrc.gov.uk/trusts/types/...nary-accum.htm

Thanks for the link PlanB. I'll take a look in a bit.

Cheers
SA Gold

[SaltnVinegar]

Re: Mortgage protection

This is an interesting thread!

So what are the qualifying criteria if you happen to lose your job?

To me it seems that if you're in a position of having 3 months mortgage payments in the bank then there is no point in MPPI if you then sign on for JSA?