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Property beneficiary rights
Posted: 23 Jul 2023 11:32
by Dave_Lages
Hello,
Would you be able to clarify please;
If a property that its title is written on my name but has on it the following note:
“RIGHTS/EASEMENT
Subject to right of residence and life interest (———)
Beneficiary: 00000/0/0 (————-) file number (00000)”
Does it mean the beneficiary is able to sell this property/change the ownership of the property without my consent?
Thank you,
Dave
Re: Property beneficiary rights
Posted: 23 Jul 2023 12:40
by Nigel Howarth
Hi Dave
It means that you can live in the property until you pop your clogs and the beneficiary of your property (whoever they may be) cannot take an dispose/occupy, etc. of the property.
This is usually used when parents gift their property to their children as there's no need for the property to be included in their Will. The 'life interest' means that their children cannot throw them out of the house.
Regards,
Re: Property beneficiary rights
Posted: 24 Jul 2023 07:23
by Pantheman
Dave_Lages wrote: 23 Jul 2023 11:32
Hello,
Would you be able to clarify please;
If a property that its title is written on my name but has on it the following note:
“RIGHTS/EASEMENT
Subject to right of residence and life interest (———)
Beneficiary: 00000/0/0 (————-) file number (00000)”
Does it mean the beneficiary is able to sell this property/change the ownership of the property without my consent?
Thank you,
Dave
The title is in your name, but the beneficiary can life there for as long as he is alive. He cannot sell or dispose of the property, only the named person (ie you) can do this. Usually, it may also state' and 'usufruct' which also means that can also collect rents from it if they chose to rent it out.
Hope that helps