The below video explains all you need to know about preparing a will:
In recent times, many cases have come before the Court relating to misuse of Enduring Powers of Attorney and failed granny-flat arrangements.
If you are contemplating entering into a granny-flat agreement with a child or an elderly parent, it is extremely important that each party obtains independent legal advice.
The elder will need to be fully advised about the proposed transaction and especially concerning the consequences;
(a) if the child dies or becomes bankrupt;
(b) if a mortgagee of the property which includes the granny-flat exercises its power of sale;
(c) if the relationship between the child and his/her spouse breaks down and there are Family Law proceedings involving the property;
(d) if the elder needs to go into aged care and needs money to pay for his/her accommodation;
(e) the effect which any payment by the elder to the child may have on his/her ability to make testamentary provision for other beneficiaries.