Should I put house in trust for my children?

strude | 21:02 Wed 21st Dec 2011 | Law

1 Answers

Hi,
I am a 49yr old divorced woman. I have a life insurance which would pay out to my ex if I were to die which was taken out when we were together, but now I want it changed so that my children would be beneficaries. That's seems to be quite straightforward but the insurance company suggested that instead of changing the life cover policy I could put my house(ex husband name not on mortgage or deeds) in trust for my children. They have sent me two differrent forms and I have to decide on one or the other. The changing of the life cover seems the easier option as I dont know the implications of putting a house in trust. I am currently single. I've read somewhere that putting a house in trust may cause problems in the future if I wanted to sell the house. Would be very gateful for any advice or opinions on this matter.