Transfer of home for $1 upheld
Hypotheticals by Manny Wood. Published in the Coffs Coast Advocate on 16 January 2016. This week’s hypothetical looks at what can happen if your estate is the subject of a claim and a “notional estate” order is sought. Mary had two children, namely John and Jane. Four years before Mary’s death, she transfers ownership of her home, valued at $550,000 to John for just one dollar. The transfer is subject to Mary having the right to reside in the house for the rest of her lifetime. […]