As you get older you may want to be closer to your adult children for companionship and support. There are many reasons why older people decide to live with their children.
You may decide to enter into what is called a ‘granny flat arrangement’. This is usually an arrangement between you and your adult child where you make a financial contribution to a property in exchange for the right to live in the property. It might involve the construction of a separate dwelling on your child’s property or renovations to the existing property. Or it may involve you selling your home and buying a new home for you and your family to share. It may also include an agreement that they will provide you with physical care and support.
There are some things you can do to make sure that if this arrangement doesn’t work out as planned, your right to a share of the property (your ‘legal interest’ in the property) is protected. These tips can also help you avoid stressful and expensive legal action down the track.
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