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Hi Shade,
My name is Gloria, I got married 5 years ago at 35. Before the wedding, I already built a house at Mowe, a block of 6 flats, and I have other undeveloped property that I didn’t tell my husband about(so as not to intimidate or repel him). My plan is to gift the property to my children as a start-up fund the moment they are done with university. Do I have to declare these assets to my husband? If anything happens to me along the line, how can I ensure my children get them? The property were bought in my name.
Answer:
Hi Gloria,
You can set up a Trust and transfer these assets to the Trust. The assets will be held in the name of your Trust/Trustee (a person or firm that holds and administers property or assets for the benefit of a third party) and in due course, income generated from these assets can be given to your children to start up their own businesses. Alternatively, at a designated time, your Trustee may sell your acquired real estate asset and give proceeds to your children as seed investment for their businesses. You can guide your trustees, even in absentia through a Letter of Wishes. Putting the assets in a Trust today offers the protection you require for the assets because such assets will be legally independent of you.
As you are still young and active, I would recommend that you set up a Trust that still leaves the role of management of your assets and investment decisions to you.
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