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

Discussion in 'Wills and Estate Planning Law Forum' started by Alice mo, 19 November 2014.

  1. Alice mo

    Alice mo New Member

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    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?
     
  2. winston wolf

    winston wolf Well-Known Member

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    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.
     
  3. Sophea

    Sophea Well-Known Member

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    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.
     

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