Arbon Legal Group – Elder Law
We provide assistance for a range of matters relating to Elder Law
Investing & Lending Money
Investing and lending money – Have you given your son or daughter money to help them get into the property market?
Have you gone guarantor on a loan for a loved one?
Is anyone asking you for money to help with their business pursuits?
Elderly people, mums and dads – they are all prone to being taken advantage of in these situations. Loved ones often have the best intentions in these situations, and it may be very unlikely that anything will go wrong. However, when you loan money to your loved ones, they may not understand the position they are putting you in.
A guarantor is a guarantee that you will personally be liable for any shortfall in repayments on a loan to a bank. Your loved one may get sued, go through a divorce or separation, or even hurt themselves and not be able to earn an income. It is these situations that can cause disaster. If you can’t service the loan, your assets are then on the line and so is your retirement fund.
If you loan the money, maybe you plan on being paid back at some point? In these situations, we recommend a mortgage be drawn up, even if just to document that the money is not a gift, and the person will pay it back at some point. As a mother or father, you may want to help your child by injecting some equity into their business or house deposit. Without a mortgage document or a clear legal agreement, your money could easily dissipate in separation or divorce proceedings.
For over 20 years, Arbon Legal Group have been providing comprehensive legal help to the people of the Gold Coast community. If you need any advice or an agreement drawn up for a loan, please seek legal advice. Secure your investment and substantiate the agreement in writing before it’s too late. Please contact Arbon Legal Group on 07 5562 0444 or email email@example.com.
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