Notifications
Clear all
Scottish Trust Deed Forum
5
Posts
3
Users
0
Reactions
1,363
Views
Topic starter
19/08/2010 9:39 am
Can someone tell me if you are given a time share in a property as a gift do you need to declare to your Trustee/does it affect your Trust Deed?
19/08/2010 9:43 am
Hi again susie,
If any new assets come into your possession you should inform your Trustee.
The key point will be how much value of time share has if you had to sell it. I'm no expert on that but I'd imagine in the current economy the sale of a time share might be pretty difficult.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
19/08/2010 9:45 am
The value of the timeshare was only ?ú500 and is intended to be a birthday gift - my husband is worried about signing contract and implications and obviously he doesnt want to have to tell his parents about our situation
19/08/2010 9:51 am
Lets see what the experts say when one of them checks into the forum later susie.
Hopefully this can all go ahead without any issues being created.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
19/08/2010 2:34 pm
Hi all
This is called aquirenda which is basically gifts, inheritances etc aquired between the date of commencement of the Trust Deed and the end.
Normally a Trustee will have an upper limit on these things, ie ?ú1000. It may be an idea to check with the IP. I'd be surprised if they had any interest in something with a ?ú500 value though.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
