Transfer of Assets
In planning for your future you should consider the financial circumstances of your spouse or partner upon your death or disability. For example you could consider making your bank account in joint names with your partner so that if you die, your partner will have continuing access to the funds. Similarly, assets such as shares and other investments as well as real estate can be held in joint names so that the surviving partner becomes the sole owner following death.
If real estate such as your principal place of residence, holiday home or investment property is held in joint tenancy when one partner dies, the survivor automatically assumes sole ownership of the property subject to completing the necessary legal formalities. Otherwise transfer of the deceased property or shares will depend on the terms of his or her Will.
At Bateman Battersby Lawyers Penrith we can advise and assist you to arrange your assets and affairs so that your partner will be properly provided for after you die or if you become incapacitated.