NSW Change Will to Ensure My Son Gets My Share in Property?

[Alice mo]

Hi! The joint named property I have with my husband has 'proprietors in common' on the property title. Can I make up my will now to change the right to hold my share of the property to my son when I die?

 

[winston wolf]

As you own the property "in common" as apposed to "Jointly" you can will your share as you wish.
This may be complicated by a mortgage or if you are to give your husband the right to occupy and the age of your son. this require it to be held in trust.

The short answer is yes.

 

[Sophea]

Hi Alice Mo,

Yes - jointly held property automatically passes to the other owner upon death, however an interest in property held as a tenant in common forms part of your estate and is will-able to your son. As Winston has stated a lawyer will best be placed to advise you of the most tax effective and appropriate ways of structuring your estate so as to give effect to your wishes.