Working out living arrangements for elderly family members crosses the mind of nearly every family at some point in life. Whilst we all strive to remain independent for as long as possible, it can be challenging to maintain a house or live on our own as we get older. As an alternative to going into aged care facilities, many elderly people are opting to move into a Granny Flat on a family member’s property. With this arrangement, the elderly person is able to maintain their independence but can be assured that family members are close by to assist them if needed. Due to this, Granny Flat Agreements are becoming increasingly popular.
A Granny Flat Agreement is an agreement entered into between the elderly person and the family members. It gives the elderly person a right to live in a property for life in exchange for transferring ownership of property or paying a sum of money to their family members.
The Granny Flat Agreement seeks to give the elderly person some security given the potential financial, health and social security issues that may arise in this transition of living arrangements. For example, transferring or selling property or gifting a sum of money could detrimentally effect elderly people who are currently receiving, or are eligible to receive, a pension from Services Australia.
Granny Flat Agreements are beneficial to all parties involved. They give certainty between the elderly person and their family members as well as prevent confusion or misunderstandings from occurring.
The experienced team at McNamara Law can provide you with tailored advice on, and expert drafting of, a Granny Flat Agreement that suits your current and future circumstances.
Contact us today on 1300 285 888 today to arrange an appointment.
Author: Therese Wilkes, Wills and Estates Solicitor at McNamara Law
