My brother and I bought a house together which we renovated and are currently living in. We bought it joint tenancy. My brother is leaving all his assets to charity. Can he specify in his will for his portion of the house to be left to charity or does the contract where we specified joint tenancy override his will and his portion of the house would still go to me?
My understanding is that if your brother were to die before you, you will become the sole owner. He cannot will his share to someone else. His interest in the property will disolve at death.
Better confirm this with a solicitor. Maybe there is a way around it by you both agreeing to make wills with each other’s interests taken into account. eg. he dies first, you get the property, but you agree to donate 50% of it to charity when you die.
Terryw
Discover Home Loans
Parramatta
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I had the same view as terry.
I used a will kit and the exact words on that are:
“you should also bear in mind that the interest in property known as a ‘joint tenancy’ passes to the surviving joint owner on the other joint owners death, and does not pass by will”I used a will kit because ill have to do a new one when i get married, which is in 6 months yey! but for my next one i will definately be using a solicitor and i suggest you do the same. Get their advice, its really the only one you can trust. bear in mind, i am from sa, and laws can be different in each state.
terry had a good idea with the structuring of the will too, for that you will definately need a solicitor!
Good on ya for getting into the game though![grad]
Some good ideas! I do like Terry’s suggestion about leaving 50% to charity when I die. Thanks.
There may also be a problem if you both were to die togther – how is it determined who died first?
it seems the general rule is it is presumed that the oldest died first unless it can be proven otherwise.
You may be able to specify in your wills what will happen if you both die together.
Terryw
Discover Home Loans
Parramatta
[email protected]
Sign up to my mailing list.
Just send me a blank email, with “subscribe†in subject line.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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