3 things you must do before moving in with family
In the best case scenario, moving back home with your children can be a mutually beneficial experience that allows you to spend more time with your family, cut down on your living expenses and even in some cases help raise your grandchildren. But when it doesn’t work you run the risk of losing your assets, pension and even worse, your family.
This is why, when entering into this sort of agreement with your family, it’s important to put the appropriate measures in place. Not only will this protect your best interests, but it will also make sure you stay on good terms with those who are most important.
1. Formalise the agreement in writing
People are often keen to avoid paperwork when it comes to matters like these, but it’s the only way to effectively ensure your rights are protected.
Even if you are confident your relationship with your family won’t deteriorate, having a document in place that outlines the rights and responsibilities of all parties is the best way to keep expectations in check. What’s more, if you don’t have anything in writing Centrelink may consider any contributions you make a gift, which could affect your pension.
2. Get independent legal advice
While it might seem a daunting prospect, it’s important to seek a least a cursory level of legal advice, preferably by a professional who has not been seen by your family.
Lawyers can help you out with the wording of your written agreement and give you a range of useful advice regarding measures you can implement to protect your interests. Legal advice may cost money, but it could also save you a lot in the long run.
3. Make plans for the worse
It’s not always a nice thing to consider, but when you’re entering one of these agreements with a loved one it’s important to hope for the best but plan for the worse. A back-up plan can help ensure you’re covered if the arrangement becomes unworkable.
Consider what you’re going to do if your child’s relationship with their spouse breaks down, you start a new relationship or your health starts to deteriorate. By taking these measures in advance you can be sure that everyone’s on the same page.
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