Transfer of Share in Home to Spouse
It's not uncommon for more than one member of a couple to own the home they live in. This can often be a sensible way to protect an important family asset.
A couple may prefer to have both their names appear on the title to the home. One reason may include that they are part of an estate planning exercise, which relies on the rule of survivorship.
As joint tenants, the interest of the property does not form part of their estate upon their death, so the property passes directly to the survivor, instead of being distributed under their will.
From an estate planning perspective, this means when there's a death, interest in the property doesn't get caught up in a will. Good estate planning will include a consideration of a transfer of share in the home to spouse. So you should seek out legal advice if you're in such a situation.
It’s not uncommon for only one member of a married or defacto couple to own the home they live in.
This can often be a sensible way to protect a key family asset, but there may be circumstances where the couple would prefer that both of their names appear on the title.
There can be a number of reasons why a couple may prefer that both of their names appear on the title to their home, including as part of an estate planning exercise which relies on the rule of survivorship.
That rule provides that when people own property together as joint tenants, their interest in the property does not form part of their estate upon their death to be distributed under their will, but passes directly to the survivor.
From an estate planning perspective, this means that, when they die, their interest in the property doesn’t get caught up in any challenge to their will.
Normally, the transfer of an interest in property incurs stamp duty, but when the transfer is of an interest in the family home and is by way of a gift between spouses, no stamp duty is payable in Queensland.
Good estate planning will include the consideration of such a transfer, so speak to your legal advisor or call us if you have any questions in that regard.
If you have any queries about this or any other aspect of estate planning then please contact us on 07 5443 9988 or[email protected].
Argon Law is a Sunshine Coast law firm based in Maroochydore. We are commercial lawyers and property lawyers and are eager to assist you in any way we can.
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