If you own a car then it can be classed as an asset in a trust deed and potentially have to be sold - though in the vast majority of cases this is not necessary, as long as the car is reasonably required.

However, you can be the registered keeper of a car without being its owner, so if your Dad bought it then you could argue that he is the owner, in which case it wouldn't be your asset and should be ignored. Best to get confirmation of this with your prospective trustee in advance of signing up though.

The car is a VW Polo (stnd model) worth about 7-8k
To argue that my dad is the owner what would I need to do, provide receipts? Anything else?

Hi weewillamena.

Because the car is worth more than £3000 the trustee may well view the car as an asset.

Receipts are the sort of thing that will help you to make your case.

As Kevin has already said, you'll want confirmation before you sign the trust deed that the trustee agrees with your view on ownership.

Good luck.

Hi weewillamena

Best advice would be not to sign until the position with the car has been clarified.

It could be that you sign and the position is accepted, however it could be that you sign and they look for a further £5k.

It's not that uncommon to be honest and we have had quite a few cases where paperwork was provided to show it was purchased by another party and therfore excluded. Better to be safe than sorry.

Mark

thanks for the advice!
so if the trustee agrees that the car is owned by someone else would they be able to change their mind and argue differently come the end of the TD?

That would be virtually impossible if you had confirmation in writing from them before you signed the trust deed weewillamena.

Taking some time to get everything set up right before you become legally bound by a trust deed is almost always a good investment of time and energy.

Things go wrong when people accept being fobbed-off with statements like "don't worry about that it will be fine" regarding assets etc.