Children & Trusts

Dumb Juan

Hi,

I have just two quick questions.
1 - Can a child (under 16 or 18) own property or share in a property (eg. a building or land) directly?
2 - Can anyone recommend a book (or a good website) that would explain trusts (& taxation of trust) in an easy to understand manner? If possible :-)

Carawaystick

I think you mean real estate, not property.
The pedant in me would say you can't really own real estate, you just have interests in it.

Kings Inns or bust

Dumb Juan wrote: »

Hi,

I have just two quick questions.
1 - Can a child (under 16 or 18) own property or share in a property (eg. a building or land) directly?
2 - Can anyone recommend a book (or a good website) that would explain trusts (& taxation of trust) in an easy to understand manner? If possible :-)

A 'good' and 'easy to understand' in regard to equity and trusts are mutually exclusive. A solicitors appointment would probably be cheaper than a book anyway. A quick search of Bloomsbury puts a text at GP£150.

It's unlikely any web based advice would be specifically for this jurisdiction.

Equity is an area of law in of itself, it's extremely interesting and worth studying for the sake of it but it's not easy going.

sunshine and showers

Carawaystick wrote: »

I think you mean real estate, not property.
The pedant in me would say you can't really own real estate, you just have interests in it.

Property is a perfectly acceptable term for the OP to use. Besides, 'real property' would be the most correct in this jurisdiction, as opposed to 'real estate'.

OP, check your local library for any books with information on trusts (Wiley or De Londras spring to mind as good Irish authors on land law). Generally speaking, under 18 year olds cannot own land or property in Ireland - it would need to be held on trust for them. Taxation information would be best coming from a professional, as would legal advice on ownership relating to the specifics of your query.

Dumb Juan

Thanks all for your reply, it is off to the library. I just want to understand a bit more before talking with a professional.

Kings Inns or bust

Dumb Juan wrote: »

Thanks all for your reply, it is off to the library. I just want to understand a bit more before talking with a professional.

Both your questions fall into the category of 'it depends'.

1) Yes in certain circumstances a child can own property. The problem is that the vehicle of that ownership may be problematic. Certainly any sort of contract not involving necessaries would seem to be an issue. I welcome correction on that point.

A gift is going to result in a constructive trust IIRC, again this is a complex area and I am very likely wrong. I'm engaging here is a hypothetical as you've not provided much information and I presume you're going to talk to a professional for the craic and not because this is a genuine issue. If it's the latter then I don't see the thread staying open very long but interesting discussions in the abstract tend to do quite well.

2) Taxation - bloody hell no idea! But for a general description and some light reading Wikipedia and then look at some of the sources.

Ah, oh yes. A google of the subject will result in some articles written by solicitors for prospective clients. This would be my starting point. You may find an article that is particularly pertinent and well written, that may give you an idea of who you're gonna call.

Kings Inns or bust

In a rather scary twist to living ina world much better observed than the one envisaged in 1984, my Amazon recomendations included:

Law Express: Equity and Trusts for the pricely sum of about £13.

It's going to be English Law but it might be helpful OP.