This helpful Compass checklist is a great place to start. It includes summary information about making Family Agreements as well as what to do when things go wrong and where to seek help.
A family agreement is an arrangement between an older person and someone else (usually a family member, friend or carer) regarding care and living arrangements.
The arrangements should be mutually beneficial. The most common family agreement involves the older person exchanging their property or assets in return for housing (and/or care) as they age.
Other common family agreements include:
co-purchasing a property and sharing
a homebuilding an extension or granny flat on the property of an adult child
an older person transferring ownership
of their property but continuing to
reside therefinancial agreements such as loans, gifts
and home loan guarantor arrangements.
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