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I have enduring power of attorney mother. I wish to purchase…

Customer Question
I have enduring power of...
I have enduring power of attorney for my mother. I wish to purchase a property With her money and my money combined.
My friend informs me to uncomplicate matters just buy the property in my name.
However, I don't think this is correct. My proposal was to buy the property via a unit trust with the two unit holders being myself and myself as POA for my mother. The units being distributed according to the monetary contribution.
The other solution is buying it as tenants in common. This would require a 50 percent contribution from both parties? Is this correct?
My mother has Alheimers and Dementia. I am doing my best to keep her at home at the moment with a full time carer.
Please advise the appropriate purchase strategy. The property would be in Qld and I believe the POA Act is different in each state.
Submitted: 2 years ago.Category: Australia Law
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Answered in 2 minutes by:
1/29/2016
Solicitor: Leon, Solicitor replied 2 years ago
Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 46,467
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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Good Morning

My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advise but a guide to assist you.

Is the POA registered with the lands department in the state you are in?

If you are using her money it is not that simple. If you do this are you borrowing it from her? Is she on a pension?

Is she going to be living with you?

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Customer reply replied 2 years ago
POA registered at Lands title in Qld
Yes she is on a full pension
Not borrowing she will be a joint holder. Do I need to borrow? With a formal agreement at current rates? I may as well go to the bank
Customer reply replied 2 years ago
Not living with me she lives in Qld I live in NSW my son is living with her and is her full time carer
Solicitor: Leon, Solicitor replied 2 years ago

If you put the place in your name using her money she will lose the pension as it will be seen a disposal of an asset.

I assume we are talking about more than $10,000.00

If you are thinking about a structure then she has to be a beneficiary but with her dementia it can make things hard.

It does not have to be equal shares as tenants in common it can be based on what you each pay.

Before doing anything you should speak to centrelink and get their position on it and make sure what is the best option so that she does not lose her pension.

If you buy in NSW it has to be registered in NSW not QLD.

Its registration in QLD will not allow you the power to buy in NSW.

Centrelink will reduce her pension if she does not live in the house. It will be deemed an investment and they may even deem her receiving rent even though you are not paying any.

I hope this makes sense?

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Customer reply replied 2 years ago
My battery is low and I don't have charger with me i
The rent received will not be enough for her to lose the pension
My concern is my ability to do this with an EPOA registered in Qld
Customer reply replied 2 years ago
My battery is down to 7 per cent. Can I get a reply please
Solicitor: Leon, Solicitor replied 2 years ago

Good Afternoon

You have to get an original to register in NSW.

You cannot register a copy.

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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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