When is a house not a house?
When it’s a divisible asset!
That’s not a very good joke. But it is an interesting question. For many, owning a home is the ultimate financial dream. At the same time, home ownership means more than just financial stability. It’s where we raise our families and where we celebrate special occasions, it’s an oasis, a familiar place in our busy lives. With so much wrapped up in this “asset” it makes sense that we may want to gift a house to a child for practical or sentimental reasons when the time comes for us to shuffle off this mortal coil. The problem is, as much as a house is an extension of it’s owner, it’s also a financial asset. This can strain the relationship between an individual’s intention, and equity provisions under the Wills Variation Act.