NSW Transferring Property to children

[VVV999]

Dear Forum Members,

I would like to know more about the best way to leave part of a property I own (50%) for my 3 children, leaving a 4th child out. The other 50% belongs to my partner.

Questions:
1. Would the 4th child would be able to contest this, after my passing?
2. How much Stamp Duty, if any, would the 3 children have to pay in NSW, if no money is not received. One of the parents wants just include them in the title.
3. Having the children included in the title with one of the parents, is it best to have "Joint Tenants" or "Tenants-in-Common"?

Thank you for your help.
VVV999

 

[Noel Harris]

On the excluded child contesting, in NSW an adult child can make a Family Provision Claim against a deceased estate so it is worth structuring this carefully. On joint tenants versus tenants in common, tenants in common gives each person a defined share they can direct by will which is usually the better choice for estate planning when you want to control where assets go. On stamp duty, transfers to children for no consideration are generally still assessed at market value in NSW. This is an area where getting specific advice on the property and financial and estate planning implications before proceeding is well worth the cost.

---

Disclaimer: Please note information in this response is general in nature and should not be treated as legal advice. It may not be complete or up to date for your specific situation. Independent legal advice is always recommended.