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Jointly owned property

  • 21-09-2012 4:29pm
    #1
    dewdrop
    Registered Users, Registered Users 2 Posts: 265 ✭✭


    in the case of couples i suspect most of their residences are in joint names. Just wondering what happens say if one party becomes mentally incapable and the other party wishes to sell. Does it follow that this cannot take place until the other party dies and highlights the need of an Enduring Power of Attorney. If this is correct why is there very little publicity for the need to do so?


Comments

  • #2
    Milk & Honey
    Banned (with Prison Access) Posts: 1,950 ✭✭✭Milk & Honey


    dewdrop wrote: »
    in the case of couples i suspect most of their residences are in joint names. Just wondering what happens say if one party becomes mentally incapable and the other party wishes to sell. Does it follow that this cannot take place until the other party dies and highlights the need of an Enduring Power of Attorney. If this is correct why is there very little publicity for the need to do so?

    The mentally incapable party can be made a ward of court.


  • #3
    dewdrop
    Registered Users, Registered Users 2 Posts: 265 ✭✭dewdrop


    Thanks Milk and Honey. I think a Ward of Court can be a costly and slow process . Likewise an Enduring Power of Attorney does not come cheap. I suspect most people do nothing until the unfortunate happens.


  • #4
    krd
    Banned (with Prison Access) Posts: 3,455 ✭✭✭krd


    Do the life insurance policies people sign on taking out mortgages cover this sort of thing?


  • #5
    dewdrop
    Registered Users, Registered Users 2 Posts: 265 ✭✭dewdrop


    Not really. In my view say a couple jointly owned a property or for that matter if the property is in the sole name of the party who has "lost" mental capacity a problem arises if it wished to have the property sold.


  • #6
    neverfindaname
    Registered Users, Registered Users 2 Posts: 25 ✭neverfindaname


    dewdrop wrote: »
    in the case of couples i suspect most of their residences are in joint names. Just wondering what happens say if one party becomes mentally incapable and the other party wishes to sell. Does it follow that this cannot take place until the other party dies and highlights the need of an Enduring Power of Attorney. If this is correct why is there very little publicity for the need to do so?

    Usually their next of kin becomes 'active', which would not be their partner. If you want to sell, on the consent of their next of kin, they get a share for that person (or go to court should there be a dispute) POA are usually done so by their next of kin/husband/wife etc, in the event of......


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