VIC Will and Estate Planning Clause - Leave house to children but partner to live there?

[Rod]

Hi guys,

Hoping you can help me. A few months ago I read a post in here saying how you can leave your house to your children in your will and allow your current partner (not the children's mother) to legally continue living in the house. The house only gets sold if my partner moves out. IE the executor can't force partner out.

I'm unable to find that post now Can someone please tell me what this is called?

 

[Rod]

After much much ..... more searching, found it - 'Life estate' ! is what I was looking for.

 

[Sarah J]

Hi Rod,

Yes, a life estate is what you're looking for.

If you are currently writing your will, you can "leave the house to X as a life estate for their use, enjoyment and possession for the remainder of their life, and upon their death, leave the remainder interest to Y." Y can then sell the house, rent it out, take possession or deal with it has they like upon X's death. Y cannot dispossess X and cannot sell the house without X's consent and any sale must be subject to X's life interest (i.e. X's life interest takes priority and Y's interest lies dormant).

Any mortgage or expense in relation to the house should be paid as agreed between X and Y, or expressly stated by the will-maker, or otherwise be apportioned equally between X and Y.

Hope this helps!

 

[winston wolf]

Just a point to add.
Make some provision for if you partner they need/wants to go into a retirement home etc.
If she finds herself where she needs the property to fund this she will need to make a family provision claim.
If you state in you will how this should be handled it will avoid this.

So you need to find a way to convert the house into cash but retain your sons interest.