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Shared property ownership and potential care costs
MutleysMother
Posts: 9 Forumite
My elderly parent owns their property with their eldest adult child and their partner.
Parent thinks they are joint tenants and understands that when they die, the property will pass on to adult child and partner.
It's looking likely that parent will need some form of care; firstly at home and possibly in a care home. They have cash savings but this won't last long.
What is the situation regarding paying for their care once the cash runs out? If the house is held in the form of joint tenants how can the money from their 1/3rd share be used to pay for the help they will need?
Also, is it possible to tell if a property is owned as joint tenants or tenants in common?
Any advice would be greatly appreciated as I'm worried about their future.
Parent thinks they are joint tenants and understands that when they die, the property will pass on to adult child and partner.
It's looking likely that parent will need some form of care; firstly at home and possibly in a care home. They have cash savings but this won't last long.
What is the situation regarding paying for their care once the cash runs out? If the house is held in the form of joint tenants how can the money from their 1/3rd share be used to pay for the help they will need?
Also, is it possible to tell if a property is owned as joint tenants or tenants in common?
Any advice would be greatly appreciated as I'm worried about their future.
0
Comments
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Do child/partner live in the property?0
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Yes they do.
I'm not entirely sure what the agreement was between them but they all managed to fall out many years ago so it's a very difficult situation.0
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