QLD Kids' Name on the Property Title - Property Law Implications?
- Thread starter Scmay
- Start date
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- Tags
- property law
S
Sophea
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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.
(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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