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willing whats not yours

Discussion in 'Legal Issues' started by Fernfurn, 7th Jul, 2015.

  1. Fernfurn

    Fernfurn Active Member

    Joined:
    24th Jun, 2015
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    Location:
    by a Bellarine beach
    If you have properties entitled "Joint Proprietors" and you are going to set up a will, could you do a codicil and have your partner sign it, stating that your half goes to your kids when you die, not into his assets?
     
  2. tobe

    tobe Well-Known Member

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    Location:
    Melbourne
    wouldnt you be better off just changing the ownership from joint to tenants in common?
     
  3. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    Location:
    Sydney
    Fern - If its joint then it bypasses the estate. So a codicil etc is of zero value. Its a good example of why putting clauses in your will to indicate where your super goes are useless. Super may not even touch the estate so a waste of ink - perhaps even invalidate the will if its poorly written too.

    Change for joint to TIC may be worth discussion with a lawyer AND also ensure the will deals with it. The kids interest could be better off as a testamentary interest and the partner may need a life tenancy interest too.
     
  4. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    You could, but it would not be effective. A person can only do a codicil for their own will. You also have no control over then, they could change it a day later or after your death. They have have their will challanged by a child or former spouse or dependant etc.

    Change to TIC if you want to be sure. Or change titles to single names.