We are looking to purchase a property. A married couple and a close family member. Just being careful no issues happen on the passing of myself and wife. Is a tenant in common or Joint tenant better to ensure the will can not be contested and the property passes to the close family member when both myself and my wife pass away.
Consider joint tenancy. It comes with a thing called the right of survivorship.
Underpinned by a practitioner-prepared agreement in respect of the loan,
(that is a separate document from the loan contact itself), and
a practitioner-prepared will, and
a Binding Financial Agreement, and
individual Life Insurance all round.
It will cost you several extra thousands to set up at the start.
But look at what you are protecting.
And I don't mean just the dollar value.
Underpinned by a practitioner-prepared agreement in respect of the loan,
(that is a separate document from the loan contact itself), and
a practitioner-prepared will, and
a Binding Financial Agreement, and
individual Life Insurance all round.
It will cost you several extra thousands to set up at the start.
But look at what you are protecting.
And I don't mean just the dollar value.
Thank you Tim very much appreciate that. We have very specific reasons for ensuing the property goes to this family member so just want peace of mind our will cant be contested. Will take your advise.
Let's talk about a common, but hypothetical, scenario.
Say, you wanted to help your grown up child and their spouse to buy a house.
But you also want to protect various people's equitable and/or financial interests in it,
in the event of divorce etc.
This may or may not include your role as a (co-)borrower, your place on the title, and
any share of any capital gain in the event of a future sale.
Such things can be done.
But it's not DIY.
Thank you. In our case we are considering buying a home together ( we would be selling our home to provide a large amount of the cost of the home) with a family member who has come from a very difficult situation, and has nothing except a small amount of cash settlement. Now there is another sibling who has a very good job, beautiful home, investment properties etc. We have discussed the situation and explained what we want to do , but ask they understand that when we pass this home will be all the other sibling has so the property goes in full to them. They have agreed not to contest the will, however once we are gone we have no control of the situation and want to be sure the home goes to the sibling who has put in some cash and will be paying the mortgage as they still work full time.
Similar threads
