Hi Rosie0523
You can place conditions on the use eg payment of rates and bills etc. But it is an amazing relief that there is a legal way of making sure my dd has a roof over her head for her lifetime!
My dd doesn’t know that I have set this up. But it is the only way. My dd just follows whoever she gets attention from and I am sure if I left her the place outright someone would convince her to sell it and all the money would be gone in a few months.
Could I suggest that you look into this idea? It is amazing how it relieves my anxiety knowing dd will have a roof over her head for the rest of her life and none of her ‘friends’ will be able to do anything about it.
I know there are current issues, but setting this up is a great first step to getting the longterm situation sorted.
This is a great idea. My father got ill in his elder years and passed away. I asked him to do something to protect the money that would go to my BPD mother because I didn't think she'd be responsible with it. He didn't or couldn't and all went to her.
She kept her financial information secret from us kids for a long time. We had no idea what she was doing with it. It was hers to do what she wanted to. She's elderly and needs assistance. I had the idea that if she ever needed to go to a care facility, we could sell their house and that could cover her care costs.
We found out accidentally ( found the papers at her house) that she had taken out a home equity loan. So her savings were gone and half the equity in the house by the time we found out. She remained there and it got to the point where we were concerned the bank would repossess it. She also needed assistance with daily tasks.
We moved her out of her house and into assisted living before the bank would have repossesed it. Sold the house and car for her and put any remaining funds in her bank account. Now, that money is almost gone too. She's been considered "legally competent" and so we have not been able to intervene.
I know people worry about leaving money to unreliable children but this has not been the situation with us kids- we would have sold the house and used it for her care needs. Instead, she trusts other people who have taken advantage of her.
I don't think my father would have been able to give us conrol of some of his assets due to marital property laws. However, if your grandaughter is reliable and responsible and you can do this- this is a good idea.
Dad did set up an annuity fund that provides some monthly income for BPD mother. BPD mother spends in excess of it. However, we are very grateful that he did this because some funds come in every month rather than be in savings that she has access to spend it all at once. This is also an idea to consider.