Assisting Your Adult Children Financially in a COVID Environment
The following issues always need to be considered:
Is it a loan or a gift?
How will it affect your future financial needs, assuming you will never see the money again?
Will it affect any government pension, as it will have to be declared?
Equality between all children or the perception thereof.
Provisions in your Will require considerations.
If it is a loan: a: Is interest to be charged; b: When to be repaid; c: Effect of a relationship split between your child and their partner; d: Any security required.
Irrespective, of whether a loan or a gift, always set it out in writing signed by all. In these circumstances Millens has assisted many with understanding advice through this seemingly simple request which is not easy from a legal perspective.