There are a number of situations where a declaration of trust relating to two or more persons’ ownership of a property may be required.
If a couple (whether married/civil partnership or not) are purchasing property they may wish to record their respective contributions towards the purchase price and/or their shares in the property. In the case of unmarried couples this could save a lot of heartache and cost should the relationship break down and the parties go their separate ways since it will be clear from the declaration of trust documentation what each party’s share of the property is.
Parents contributing towards a child’s property purchase may wish to have the option of being paid back their contribution if the property is sold. A declaration of trust would ensure that arrangements reached between the parents and their offspring are properly recorded.
There may be tax reasons why it is necessary to clarify between two or more owners exactly what their respective shares are and a declaration of trust document will do this.
Declaration of trust documents do not have to be complex and they can usually be prepared at a relatively small cost given the importance of what they achieve. Ideally the Declaration should be made on the purchase of a property but they can be made afterwards. Please contact the office to discuss what you may have in mind.