Granny Flat Arrangements are a next generation issue that we need to prepare for NOW

 
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Granny Flat Arrangements are a next generation issue. That’s not because they’re new; they’ve existed for years. But with the focus on the inadequacies of aged care facilities, through the Aged Care Royal Commission and the COVID crisis in aged care accommodation, granny flat arrangements will start to look like a more attractive alternative than they have previously.

And they can be. But they are often fraught with problems. That can be because problems are not considered; foreseeable issues aren’t thought about. The parties – who are often close relatives – haven’t thought through the issues.

However, it can be because problems are considered but, looking at life through rose coloured glasses, the prospects of problems are discounted.

Or it could be because the solutions are not recorded. And peoples’ recollections of conversations where the solutions were agreed can fade or prove unreliable.

Or the solutions are recorded, but the circumstances change, and the problems arising from the new circumstances are not considered (or recorded or accurately recalled).

Or the solutions are recorded in an amateurish manner, and, when the problem arises, the solution is unclear, ambiguous, inconsistent or inconclusive.

So the problems can arise for various reasons.

When the problem isn’t carefully considered, it’s a given that the solution wouldn’t be obvious or easy. That’s an extra worry because the problems can have major consequences. These can range from homelessness, to loss of Centrelink entitlements, to tax burdens, to bad debts, to fraught relationship, to inheritance issues, and many more.

The moral is three hold:

  1. get good advice (and follow it),
  2. be prepared to have difficult conversations where all the ‘what ifs’ are discussed, and
  3. document the arrangement (in detail) and document any changes.

This means there’s more than hope for the best; there’s a plan to have that happen.

 

You’re in good hands.

There are over 33,000 solicitors in New South Wales.

There are only 67 Accredited Specialists in Wills and Estates.

Darryl Browne is one of them.

To find out more about how we can help you, call today on (02) 4784 2177.