Your Will and Draftdocs Co-Ownership Agreement
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After you have purchased a property using a Draftdocs Co-Ownership Agreement, be sure to review your will (estate plan) to include your share of the property so that it will pass to the people you nominate.
A typical consideration would be to allow a partner or a spouse to remain rent free in the accommodation until a trigger point in the future. This trigger could be a death or a remarriage. A Draftdocs will (estate plan) is able to cater for this. In addition, a Draftdocs will (estate plan) will also cater for rates and taxes and other on costs of the property being paid by the surviving partner as a condition to the surviving partner remaining in the property. A Draftdocs will (estate plan) ensures that this is equitably handled.
Depending on the type of agreement or title you have (such as joint or tenants in common) the interest that someone has in a shared ownership home will not automatically transfer to the other co-owners. You must be mindful of this.
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