The following Private Client Q&A provides comprehensive and up to date legal information covering:
An individual may give away property during their lifetime or on death. In either case, the gift may be made either outright or settled on trust. The individual may decide to give away the entire interest in the property or to retain an interest himself during his lifetime such that he becomes co-owner of the property along with the adult child/trustees of the trust for the adult child.
In terms of lifetime gifts, you may find the following Practice Note helpful: Lifetime gifts. Please also see the following Practice Notes for further guidance on gifts by Will: Legacies in Wills and Contents of Wills—Will trusts.
If the donor wishes to settle the property on trust, consideration must be given to the most suitable type of trust and whether the donor wishes a beneficiary to have a specified interest (in which case an interest in possession trust may be appropriate) or whether he wishes to benefit a class of beneficiaries without giving any individual beneficiary a specified share or right to income (in which case a
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