Estate Planning & Property Ownership

Examining the property ownership structures of clients is a basic step within an estate planning review. 

Why? Changes to how property is owned can have dramatic differences to how property is dealt with upon death.

Property may be owned:

1. As joint tenants; or

2. As tenants-in-common; or

3. Via a trust

4. Via a company

5. Any multitude of combinations of the above!

Each form of ownership results in different outcomes. 

Different strategies are deployed depending on whether one is dealing with a blended family or a couple who do not have children from other relationships. 

If a client has recently separated, we would also normally recommend taking steps to "sever" a joint tenancy, so that the unexpected death of our client during a property settlement process does not result in the former partner receiving the property by default. This does not prevent a family provision claim from being made by that former spouse, but it at least puts the executor of the estate in a much stronger bargaining position.

Sometimes couples may have purchased their home in one name for asset protection reasons, or if one person brought the property to the relationship. It may be desirable to transfer this property into joint names to avoid the need for Probate and save thousands of $$ in the process. 

Contact us to talk today regarding your estate planning needs - (02) 6584 1185 or email to hello@mslaw.com.au

PS Yes...Richard did say 2024 at the start of the video 🙃