You need to consider how the home ownership is to be recorded on the title for your new home. Your lawyer will discuss this with you when you are arranging the purchase.
You and your partner own the house jointly. If one of you were to die then the remaining partner would receive the house in their name by survivorship. This is an operation of law and you cannot direct who is to take your “share” of the house.
Tenants In Common
You and your partner own a designated share in the house. This may be as half each or any combination of shares that vest reflects your requirements (for instance, one party may have contributed more funds to the purchase and this is reflected in the share of ownership each receive).
In this type of ownership you ARE able to decide how you dispose of your share of the house when you die and this does not necessarily need to be your partner.
Consider leaving your partner a life interest in your half of the house rather than giving them your share. The survivor gets the benefit of the asset but not the ownership. This can be useful for taxable income or rest home subsidy purposes.
It is becoming popular to set up a Family Trust which will own the house. In this way you will have the use and benefit of the house without actually owning it. The beneficiaries of the trust may be yourselves, your children and grandchildren.
This form of asset protection is beyond the scope of Home front. If you would like to know more about Family Trusts please call us for an appointment or e-mail us now for an information sheet to be forwarded to you.