As people age, they make all kinds of arrangements to secure housing and company. For example, you might consider living with your adult child; building an extension or granny flat with family; or co-purchasing property. But sometimes these arrangements come to an end when circumstances change – perhaps a relationship ends and property needs to be sold, or someone needs to move out.
That’s just one of the reasons why it’s a good idea to safeguard yourself by recording any arrangement in a family agreement. A family agreement sets out everyone’s contributions, what they expect in return, and what should happen if the agreement ends. Compass, a project of Elder Abuse Action Australia, is a great resource for learning more about:
- what a family agreement is
- what a family agreement should contain
- how to make a family agreement
- Centrelink and the age pension
- intergenerational households
- contributory parent visas and migration to Australia
- what to do when something goes wrong with a family agreement.