This government website gives lots of good advice about what to take into account when considering a family agreement, especially about money or housing.
A family agreement is an arrangement made between an older person and another party, usually family, friends or carers. The older person agrees to sell or transfer their home, assets or large amounts of cash to relatives in exchange for accommodation and current or future care. Family agreements can take a number of forms and are often verbal.
Examples of when you may enter a family agreements are if you:
gift or loan money to family, carers or friends to buy a house or establish businesses;
provide financial guarantees/security to family, carers or friends to buy a house or establish businesses;
transfer a house to children on the understanding that you will have a right to remain living there;
pay to build a granny flat on another's property; or
co-purchase a property to share accommodation.
Family agreements are often entered into for all the right reasons, but people need to stop and think about possible pitfalls.
:format():fill())