My father has been in a de-facto relationship for 26 years.
The joint funds that were previously held in a joint term deposit ($400 000), have been reinvested in the name of his spouse only.
Their house is in her name only.
The Car is in licensed in her name.
Effectively these recent changes mean that he does not have any assets in his name.
He has mild dementia and appears oblivious to the situation.
His spouse has 3 adult children.
The will states that all of her assets and personal belongings be distributed 4 ways....25% to my father , the remaining 75% is to pass to her 3 adult children.
If she were to die, we are very concerned that our father will only be left with $100 000 cash, and potentially homeless if the home has to be sold to pay out her adult children.
Should we be worried, or are there legal safeguards?
The joint funds that were previously held in a joint term deposit ($400 000), have been reinvested in the name of his spouse only.
Their house is in her name only.
The Car is in licensed in her name.
Effectively these recent changes mean that he does not have any assets in his name.
He has mild dementia and appears oblivious to the situation.
His spouse has 3 adult children.
The will states that all of her assets and personal belongings be distributed 4 ways....25% to my father , the remaining 75% is to pass to her 3 adult children.
If she were to die, we are very concerned that our father will only be left with $100 000 cash, and potentially homeless if the home has to be sold to pay out her adult children.
Should we be worried, or are there legal safeguards?
