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Assessing a life interest in a home 108-04070070

This document outlines information about assessing life interest in a home.

Process for assessing a life interest in a home

Step	Action
1	Life interest in their home + Read more ... Where the customer states they have 'paid' for a right to accommodation for life or a life interest in a private residence, They must provide information about the establishment of the life interest. Update address details if required Follow Requesting information (CLK) to use a QSS32 to request information and supporting documents needed to assess the customer's circumstances Suggested text for the QSS32 are on the Resources page Supporting documents may include: documents verifying transfer of title, if the property was previously owned by the customer copy of formal agreement, if one exists copy of Will, if from a deceased estate a letter or statement from the owner or lessee of the property, stating the customer has the right to occupancy for life, or a life interest details of the customer's contribution. For example, copy of building contract, transfer documents
2	Return of required information and supporting documents + Read more ... Does the customer have a right to accommodation for life or a life interest in a private residence? Yes, go to Step 3 No, go to Step 5
3	Sum of money paid or transfer of asset + Read more ... Did the customer pay a sum of money or transfer any assets to another person in return for the right to accommodation for life or life interest in the property? Yes, see Granny flat provisions. Procedure ends here No, go to Step 4
4	How was the life interest established + Read more ... If a company or trust owns the life interest, see Determining homeowners and non-homeowners. Procedure ends here If from a deceased estate or established by a third party, go to Step 6
5	The customer's home is not a life interest + Read more ... To see which category of accommodation fits the customer's situation: customer may be eligible for Rent Assistance has entered or is entering a retirement village, see Retirement villages has entered or is entering an aged care home (hostel or nursing home), see Aged Care Sale of principal home Record the details on a DOC. Procedure ends here.
6	Life interest established by deceased estate or third party + Read more ... If the customer's home is a life interest established from a deceased estate or by a third party, and no other assets are included in the life interest, the life interest value is an exempt asset and no referral is necessary for a CAO assessment. Code the Accommodation (AC) screen. Code 'LIF' (bequeathed life interest) in the Home Ownership: field. See Home Ownership field on the Accommodation Details (AC) screen. If the customer ceases to reside is the home, the exemption may no longer apply. Where this occurs, refer the case for a CAO assessment. See Identifying and making suitable referrals to the Complex Assessment Officer (CAO). Record details on DOC. If the life interest also includes income or assets other than the customer's home, see Life interest in an asset or income.