• Gift Of £185000 From My Father Who Lives Abroad (EU, Lithuania) To Buy A Property.

    By Guest on 09th Apr 2016

    Hello,

    My father has gifted me £185000 to buy a property in UK. He lives in Lithuania, which is part of EU. He has signed the Declaration of Solvency, and Gift Declaration. Should I get Indemnity Policy? He is a businessman and often takes out large loans. Is there any way I can protect myself in case if he becomes indebted and is unable to repay loans/goes bankrupt/becomes sick/dies..? Surely, the policies in Lithuania might not be the same as it is in UK. Many Thanks for an answer!

  • 1 Answers

    By Guest on 11/04/2016

    If the money is a gift you can't indemnify yourself with insurance. The idea of indemnity insurance, or indeed any insurance, is to compensate you for loss suffered. You can't be said to have suffered a financial loss if you are deprived of money that you were not entitled to in the first place

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