More than a Matter of Housekeeping: Life Interests and the Rights to Reside

Complex blended family dynamics arising from successive relationships formations have resulted in the family home becoming a central issue in estate planning. This session will take a deep dive into the risks and benefits of the various options for limited "housekeeping" for the partner left behind, including:

• Types of blended families
• What is adequate provision for a spouse?
• Keeping everyone happy – providing for a current spouse and children from a prior relationship – avoiding challenges
• The fundamental differences between a life tenancy and a right to reside
• What conditions or limitations can be attached to the trust?
• The ongoing role of the executor and trustee
• Tips for taking ageing and health into account – can the property be used to fund aged care?
• When can a property be assumed to have been vacated? Can the life tenant and remaindermen collapse the trust and divide the assets between them?
• Financial and taxation consequences for the estate and the life tenant and the remaindermen
• Drafting guide
• Worked examples