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Daniel
Daniel, Solicitor
Category: Australia Law
Satisfied Customers: 5740
Experience:  Bachelor of Laws (dist) Graduate Diploma in Legal Practise. Admitted NSW Supreme Court / High Court
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My partner and I both have separate children after prior

Customer Question

My partner and I both have separate children after prior divorced marriages. I now wish to purchase property for us to live in rather than our current mode of renting. It will be bought with my money as she brought little out of her previous marriage (to a gambler). As I am older, I am likely to pre-decease her, which would normally mean that she would inherit the property and leave it to her children, not mine. My wish is that she live in the property until she dies (or moves) and then it be shared between my children. How can I set up ownership fo the property eg trust, to achieve this goal?
Submitted: 1 year ago.
Category: Australia Law
Expert:  Daniel replied 1 year ago.

Hello
It would be easiest to simply draft a will, and have it stipulated that she gets a life estate (meaning she can live in the place till she passes away) then when that happens, that the place be given to your children.

That way, she cannot claim hardship, nor can your kids.

Otherwise you can have a will that says that the home can be sold, your partner gets a share, so to your kids, say 1/3 each for instance, or 1/4 to your partner, the rest split equally to your kids.

All workable and legal.

Customer: replied 1 year ago.
Thanks for your replyThe second option does not meet my goal, so I will not pursue that.Regarding the first option, it is not clear to me how that would work. The key question is: who would become the property owner? If it were to be my partner, what prior arrangements would be made to give effect to the will, for example to prevent her selling it for or leaving it to her children? I don't wish to leave the asset ambiguous so that it becomes a legal and emotional battleground in years to come eg between her and my children or bewteen two sets of children.
Expert:  Daniel replied 1 year ago.

The will allows for you to continue ownership, and her a life estate, she cannot sell the home as the will does not allow her to.

It actually is common practice.

Expert:  Daniel replied 1 year ago.

Hello
I note I have not received a response?
I wish to help you in this situation.

Expert:  Daniel replied 1 year ago.

Hello
I note I have not received a response?
I wish to help you in this situation.