Jointly owned property trap
Hypotheticals by Manny Wood. Published in the Coffs Coast Advocate on 14 July 2018. Margaret’s daughter, Penny is getting married to Chris. Margaret gives them a unit that she had been using as an investment property as a wedding gift. The property is transferred into Penny and Chris’ names jointly and Margaret pays the stamp duty. Tragically, during Penny and Chris’ honeymoon, they are involved in a car accident and they are both killed. Penny was 30 years old and Chris was 28 years old when they died. They did not have any children and they had not executed wills. […]