Joan lives with her parents providing them companionship and care in their old age.
Over the years Joan has made financial contributions to the property and has paid for alterations to the house. Mum dies and Dad requires rest home care as Joan can no longer care for him on her own.
Joan has not had her financial contributions to the property recognised legally. Dad is assessed for a rest home subsidy and must pay for his own care from his assets. Joan's situation is not taken into account and Joan now risks losing what should have become her share of the home and possibly her inheritance.
There are ways Joan and her parents could have avoided this situation but these steps should have been taken when Joan first began making financial contributions to the property.
Group ownership of property amongst families is becoming increasingly common and there are safeguards that can be put in place to protect all parties. Sometimes the solutions need to be quite creative. Talk to us early to avoid unnecessary complications later on.