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QLD Kids' Name on the Property Title - Property Law Implications?

Discussion in 'Property Law Forum' started by Scmay, 16 February 2016.

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  1. Scmay

    Scmay Member

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    Just wondering what the legal implications are under Property Law of having kids' name in addition to parents' name on the property title? It would be the main residence of the family.
     
  2. Tim W

    Tim W Lawyer
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    What are you trying to achieve by it?
     
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  3. Sophea

    Sophea Well-Known Member

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    The following come to mind:

    (1) If you are all registered as joint tenants, right of survivorship means that if you and your spouse die the property will automatically vest with the child, without it becoming part of your estate.

    (2) In this event, however, there will be tax consequences for your child (more so than if you bequeath the house to your child in a will) - which you may wish to enquire about with a tax agent.

    (3) Having an asset in your child's name interfere with eligibility for certain government benefits.
     
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