Be careful what ever you do. My husband and I have two adult Sons.
We had a close relationship with both if them. Prior to our both retiring our Financial Advisor asked if we intended down the track for the two sons to have the house, when we answered yes, she suggested that it
would be a good idea to transfer the deeds to the home back then,
We did this and all was explained to them. We would continue to live in the home rent free, but we would pay all of the bills pertaining to the
Home. Our eldest son was made Executor of our wills, has Power of
Attorney for us as well as all the necessary roles.Then my sons really had some bad arguments with my husband and they have not spoken for the last 8 years. He will have nothing to do with either of them.I remained in contact with both of them.
Then out of the blue, without knowing why, no arguments between them and I they cut me off as well. No rhyme or reason. Don't ring, don't visit, nothing.
executor of our wills remains the same thing as do all other RolesThe situation now exists, if they chose to they could turn us out of our home.
All important roles given to them regarding our health, wellbeing,
Where we spend our days if we can't live in our home due to health or
something similar all currently is up in their hands.
We could be out on our bums with nothing and no one to look after our needs,
I hope it never comes to that!
But hey I never thought they would do what they have to me, not able to see or visit them, unable to see grand children, and that hurts,l
Just be very careful what you plan for the later years.,.,