Myselt and brother bought an apartment between us number of years ago.
We pay 50/50 on mortgage and no issues. We both named on mortgage.
Bought for : 320k
Current value: 270k
Loan outstanding: 200k ( tracker).
So my question is, how can I make my brother the sole beneficiary of any proceeds from sale of apartment in future years. I'm doing fairly ok and Would like to help him out a bit. So I,d continue to pay 1/2 the mortgage but would like to setup something where he gets sole benefit in future.
Is there any type of document or agreement we can sign to arrange this?
Obviously would like to keep tracker intact etc and have most tax efficient way of doing this.
suppose I'm trying to give him bit of a start, and trying to protect against maybe future scenario whereby if I married and passed away early, would a future wife be able to claim half apartment and force a sale.
I have a separate house also and no problem with future wife having that, but would just like to give family member a helping hand who hasn't been as fortunate as me in way things have worked out.
Above might seem "unromantic " to some but I've seen so much fighting over money in tragic circumstances after deaths etc, people can get really nasty about money.
We pay 50/50 on mortgage and no issues. We both named on mortgage.
Bought for : 320k
Current value: 270k
Loan outstanding: 200k ( tracker).
So my question is, how can I make my brother the sole beneficiary of any proceeds from sale of apartment in future years. I'm doing fairly ok and Would like to help him out a bit. So I,d continue to pay 1/2 the mortgage but would like to setup something where he gets sole benefit in future.
Is there any type of document or agreement we can sign to arrange this?
Obviously would like to keep tracker intact etc and have most tax efficient way of doing this.
suppose I'm trying to give him bit of a start, and trying to protect against maybe future scenario whereby if I married and passed away early, would a future wife be able to claim half apartment and force a sale.
I have a separate house also and no problem with future wife having that, but would just like to give family member a helping hand who hasn't been as fortunate as me in way things have worked out.
Above might seem "unromantic " to some but I've seen so much fighting over money in tragic circumstances after deaths etc, people can get really nasty about money.