Hi Bill,

To quickly answer your question no, the property will not form an asset of your estate as it is an asset of your wife. The Trust Deed is based on your sole or jointly owned assets only.

Regards

Hi Bill

If it is solely in your wife's name, then it forms no part of the trust deed.

Was it ever in joint names & transferred into your wife's name?

Mark

It was in joint names up until the mortgage was paid off.

There would normally only potentially be a problem if the transfer took place within the last 5 years, Bill, so at 7 years it should be fine.

A wise move it would seem.

Paul

A wise move it would seem.

Paul

Hi Bill

If you were looking at a Trust Deed then please get advice on the property position before doing anything.

A trustee can look at transfers in the 5 year period prior to any trust deed, although there are various provisions to that which may make it perfectly fine. It can be a wee bit complex, but easily resolved.

Mark

Hi Bill,

As Mark said you want to speak with an Insolvency Practitioner about the property transfer prior to entering into a Trust Deed to ensure that this cannot be challenged as a Gratuitous Alienation. Make sure you get advice and ask for it to be put in writing that way you know there will not be a problem if you do enter into a Trust Deed.

Providing everything checks out ok then I don't see a problem with the transfer as it appears to be out with the timescale for challenging a transaction like that.