As we, or our family members, get older sometimes it is an option to share a house and provide care and company for our older family member or friend. There are many nightmare stories where this arrangement hasn’t worked out and it is important that everyone is clear about how the living arrangements will work.
Ground rules ensure the right protection and documentation is in place when sharing living arrangements with the elderly and they may include:
- Putting in place family agreements
- Clear arrangements that distinguish a loan from a gift
- Planning for worst outcome scenarios:
- breakdown of child’s relationship
- the senior starts new relationship
- deterioration in health
- breakdown of relationship with child
- Which names appear on the house/home title?
- Compensation arrangements if the shared living arrangements don’t work out.
- Dealing with the inheritance with other children.
- Documenting family care and support arrangements
Do you need a hand to work through these issues in a professional and caring way? Call us at Richard Wise Solicitor today – 02 6372 3388.