Hi,
Situation brother and sister are 50/50 in a property as joint tenants. It has been owned (and rented as investment) for about 10 years.
Brother now deemed to be in a de facto relationship. Brother and de facto have purchased a house together (in another state). Together 4 years approx.
Defacto has had nothing to do with brother and sisters house (money, maintenance, etc., nothing).
If brother dies, will his 50% go to sister automatically because the property is joint tenants? This was(still is) the intent on purchasing together as joint tenants, each would automatically get the others share.
Does the de facto have a claim to the brothers 50% if he dies.
If so how can this be rectified to make sure the brothers 50% goes to the sister (and vice versa if situation was reversed - sister had a de facto)
If the de facto does have a claim on the property, how can it be formalised so the property is only retained between the brother and sister? Can it be gifted, stated in a will,contract, buy the other party out and if bought out what are the tax implications ie. capital gain/stamp duty.
Thanks in advance
dab
Situation brother and sister are 50/50 in a property as joint tenants. It has been owned (and rented as investment) for about 10 years.
Brother now deemed to be in a de facto relationship. Brother and de facto have purchased a house together (in another state). Together 4 years approx.
Defacto has had nothing to do with brother and sisters house (money, maintenance, etc., nothing).
If brother dies, will his 50% go to sister automatically because the property is joint tenants? This was(still is) the intent on purchasing together as joint tenants, each would automatically get the others share.
Does the de facto have a claim to the brothers 50% if he dies.
If so how can this be rectified to make sure the brothers 50% goes to the sister (and vice versa if situation was reversed - sister had a de facto)
If the de facto does have a claim on the property, how can it be formalised so the property is only retained between the brother and sister? Can it be gifted, stated in a will,contract, buy the other party out and if bought out what are the tax implications ie. capital gain/stamp duty.
Thanks in advance
dab