We all know things have changed when it comes to children flying the nest. The price of property is a serious hurdle and many ‘children’ are remaining in, or returning to, the family home into their late 20s and 30s. But what would happen if you died? Would they be able to stay in the home?
Take this example: Peter and Jane have three children. Two of them have left home but one, David aged 28, lives with them and shows no prospect of moving out- he has a job locally and the house is big enough for them all. In their Wills, Peter and Jane leave the house to their three children. In the normal course of events, the house would be sold and the sale proceeds would be split equally between the three children. If David is still living in the house, he would have to move out as soon as the house was sold. This might not be what Peter and Jane expect to happen. They might not want him to move out quite so quickly and be forced to find somewhere else to live at what is already a distressing time. So what can they do?
Peter and Jane could include a right to reside in their Wills allowing David to have some breathing space to find somewhere else to live when both parents have passed away. Commonly, a right to reside lasts for anywhere between a few months and 5 years but it can be much longer. A right to reside would allow David time to find another property before being forced to leave the family home.
It is always important you consider what would happen if you have got someone else living in the property with you, whether it’s an elderly relative or a boomerang kid! If you are facing this situation, please contact us on 01543 440308 to assist you.