In the UK....
If an elderly parent wanted to buy a property to live in, and have the property owned by their children so that it passes to them when she passes, what structures are available and what are pros and cons.
I can imagine 2 options:
- She could buy the property and put it in the names of the children.
- She could create a trust or some legal entity to own the property, and put that in the names of children.
The relevant goals here are:
- The ownership is given to the children at the time of purchase and cannot be reversed.
- The parent cannot be forced to move out of the property.
- This arrangement is not related to her last will and testament.
Are there any established structures to make this work? Are there other details that would depend on the structure, for example tax?