Republic of Ireland Law
Ask a Republic of Ireland Law Question, Get an Answer ASAP!
It will make life somewhat more difficult for the bank but it ultimately won't prevent them getting an order for possession
While that might sound beneficial to you. What it will ultimately do is saddle you with more legal costs in the long run as they will be entitled to their legal costs from you if they successful obtain an order for possession and sale. This will reduce the amount of equity that you might have in the property
The bank will engage in a process called asset tracing/tracking. If they can establish that their was an attempt to put the asset beyond their reach through whatever mechanism (trust or otherwise) they are entitled to trace and recover the asset
In addition to the above, the asset you propose to put in trust is already burden by the banks interest, as the bank's consent would be required if you wish to do anything with the property.
What you are proposing, is only that something that may work for non burdened assets
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).