The Australian Law Reform Commission recently released a report on Elder Abuse and how prevalent it now is. Many people don’t realise they could be a victim. Something as simple and well-meaning as helping your adult children purchase a property can put you at risk.
This is especially the case if you sell or mortgage your home to help them. They may have promised you could live with them for the rest of your life, or they would always look after you. But can you be certain they will?
What if:
- You don’t get along with your child’s partner/spouse
- You are restricted to only have free rein of a bedroom and ensuite, but have to share the living areas.
- Your child’s partnership/marriage breaks down and they sell the house; where would you live now?
You can ensure that you are protected when giving up your asset to help you children. The lawyers at Hume Taylor & Co can help you protect your assets and your future. Call us on 8233 3199 to make an appointment today.
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