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Scottish Trust Deed Forum
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Topic starter
01/02/2023 1:09 pm
Hello,
looking for a bit of advice.
I have 13 months to go on my trust deed. My current car is 13 years old and nearing the end of its days. My dad has been diagnosed with macular degeneration and can no longer drive. He was going to give me his car to replace my own. If we transfer the owner documents to myself what would this entail for my trust deed? His car is only a year old so would be worth more than the £3000 threshold. Would I have to declare this to my trustee?
02/02/2023 9:26 am
Hi RC86. If the car is gifted to you so that you become the owner then you would need to declare it as an asset to your trustee. They could insist you sell it in order to pay funds into your Trust Deed (though they may allow you to buy a cheaper replacement first).
However, it is worth noting that there is a difference between you being the owner and the registered keeper of the car. Your dad can allow you to be named as the registered keeper but still retain ownership himself, in which case it is not an asset owned by you and the trustee has no claim over its value.
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08/08/2023 9:45 pm
You might as well want to think about keeping everything in your dads name and you are just insuring the car - which will prob be the easier route to take. you dont need to be named as the registered keeper. you can still get insurance this way also
This post was modified 2 years ago by davidgould
