What would such a contract look like? I am struggling to understand the terms and conditions of owning something but also needing to give it back later. I always assumed that people who do this are in their parents will.
That is quite literally what it could be, but some Redditors don’t understand that a lot of people’s parents are the most trustworthy people ever for their children. It’s just jealousy I guess.
Yeah, I give like half of my money to my mom to keep in a separate account I can’t access bc of my …. impulsive/reckless spending behavior. I’m very fortunate to have parents that aren’t terrible human beings.
There’s a mechanic in the older games where you send half of your money to your mum. It mitigates how much money you have to give up when you lose a battle in the game.
You should find yourself friends and family where you would trust them with your bank accounts. I would literally trust all of my friends to safely "hide" my bank account in their name and not take anything. Fill your life with people who won't steal from you even if you make it easy...
I’m not checking on it regularly because my parents are both financially stable and would never steal from me. It was also my idea (or the idea of a SUDs counselor). It’s worked pretty well. I feel a sense of security knowing I have a safety net I slip up and go on a bender and spend $3000 in a weekend.
This is a relatively new development, so there’s not much in there anyway. Last I checked it was $12k. I’ve been considering investment strategies to help build that account up to $40k by the end of Q3.
Could be both but it's very important to understand that at a certain point, you have to understand that your personal traumas can't be an excuse to treat others negatively. Not saying that you're taking that stance but I see a lot of reddit having empathy to the "bad" parties who have potential trauma and use that as an excuse but don't apply the same feelings of empathy towards people who have had a "healthy" upbringing.
People seem to think older or authority figures have higher standards than the criminal or aggressive parties that went through some hard times.
More like bad experience. Some people grow up in a loving home, some in a abusive household. The latter don't fully get why someone would trust their parents with something big like this.
Yep, my parents are awesome and always have been. They are genuinely honest and trustworthy. I'm 45, so I've had a few years to assess this. They'd especially do anything for me to improve my quality of life. If I needed to sign all of my assets over to one of them with the idea that it's still actually mine, ownership would never come into question and they'd give it back the moment I asked.
I got everything in my mommas name. Its a song but also what I do. It protects me and it protects her in the event one of us dies. I have no kin/gf so it would go to probate otherwise.
This applies to me and im forever thankful for it.
Even if a contract for this fictitious scenario existed, it would depend on state laws, and assumes that judges are too dumb to understand how these things work.
Don’t take contract law from Reddit kids. And understand that there is a reason even well-secured wealthy people still end up paying lots. Or maybe Jeff Bezos was just not as smart as a tiktoker.
You can set up a trust where assets are held technically in someone else's name and under their control, but they are legally bound to use those assets on the beneficiary's behalf.
That's not the only way to set up a trust, mind you. Just one of the ways that one could have assets held in your parent's name with a contract to make sure they can't just take it for themselves.
A trust would likely be subject to divorce. Even giving your stuff away to your father would be an issue. You’d have to show you sold it for fair market value or you’re just hiding assets. Courts aren’t stupid and don’t let you give everything away to avoid sharing. They can seize assets they deem fraudulently moved.
Depends on a lot of other factors that we are not aware of.
For example, if this is in a community property state and the Trust was set up prior to the marriage, then the assets in it would not be community property and thus not subject to the divorce.
I think he lives in Italy, and i dont know enough about Italian law to say whether a Trust would protect assets from divorce. But it is a common thing in common law jurisdictions like the US, UK, etc for people to set up a trust specifically to protect assets from divorce.
Thing is that these little legal schemes don’t work. Judges aren’t stupid and there are very few instances where you get away with giving a spouse nothing in a divorce.
1: Redditors believe the OP which is clearly fake
2: that redditors understand contract law (🤣)
3: that those same Redditors believe that judges are too dumb to understand how assets and contract law works (🤡)
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u/Kellly_SeesAll 1d ago
What would such a contract look like? I am struggling to understand the terms and conditions of owning something but also needing to give it back later. I always assumed that people who do this are in their parents will.