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Brisbane-Lawyer
Brisbane-Lawyer, Solicitor - Admitted 2005
Category: Australia Law
Satisfied Customers: 14361
Experience:  I did my law degree at the University of Queensland
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I am making a Will. We live in Western Australia. I own my

Customer Question

I am making a Will. We live in Western Australia. I own my home jointly with my husband. I was told that we may want to sever the joint tenancy and own our home as tenants in common. My husband and I would then leave a life interest to each other in our Wills of a half share in the home. The reason given was that when the survivor went into Residential Care the half share life interest in the home could nto be taken into account for Residential Care asset assessment. Is this correct I am confused as the Centrelink info says lifeinterests can be taken into account. Help
Submitted: 3 years ago.
Category: Australia Law
Expert:  Brisbane-Lawyer replied 3 years ago.
I am not convinced of that either, and am quite confident that Centrelink would take a life interest into account. As such it is pointless to severe the joint tenancy.

If you're satisfied with the results of your question, then I'll ask you to please provide positive feedback so that I will get credit for the time spent on your question. Your question can continue even after you leave positive feedback, so if you have any follow up questions please don't be afraid to ask.
Customer: replied 3 years ago.

What if it relates to our principle home?


 

Expert:  Brisbane-Lawyer replied 3 years ago.
That doesn't matter. It would still be taken into account by Centrelink. The only way to avoid that from happening is to put the property in a family trust.

Please don't forget to leave positive feedback so that I will get credit for the time spent on your question.
Customer: replied 3 years ago.


One more question. What is the life interest ends when I vacate the home (which was suggested where I do not live in the property for 6 months) to go into residential care - & at that point the kids get the half share ??

Expert:  Brisbane-Lawyer replied 3 years ago.
I am uncertain about your question. Currently you are a joint tenant, which means that when you die, your share goes to the other co-owner and not the children.

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