Intergenerational living - anyone got any experience esp 'granny annexe' type arrangements

[AudTheDeepMinded]

Hello everyone. I asked this in Gransnet but no response so far. We are considering living together as a family with one grandparent. The property we are looking at has a garden flat which they would inhabit (larger than current property and with large shared garden). Buying it would be through selling both properties. Has anyone got any experience of this and can advise us of things we really need to consider, especially legally. Benefits and disadvantages etc. How does it work financially in your case? Are we all being canny or naive?

Thank you.

Dementia may or may not happen. It’s not a given. The benefits of inter generational living far outweigh the ‘what if’ of dementia, which is about a 1:14 risk, less if your parents have been very active in their earlier years.

If your parents are not in need of care and can reasonably be expected to stay well at the time of moving in together then deprivation of assets will not apply. Read the Age U.K. website for a better understanding.

Our main question as a family was ‘Does this make everyone’s lives easier’ and the answer was a resounding yes.

@Worldgonecrazy

Dementia may or may not happen. It’s not a given. The benefits of inter generational living far outweigh the ‘what if’ of dementia, which is about a 1:14 risk, less if your parents have been very active in their earlier years.

If your parents are not in need of care and can reasonably be expected to stay well at the time of moving in together then deprivation of assets will not apply. Read the Age U.K. website for a better understanding.

Our main question as a family was ‘Does this make everyone’s lives easier’ and the answer was a resounding yes.

Oh I know it’s not a given.

But like I said, if you had told me two years ago that my then 84 year old, still very healthy father wouldn’t be able to remember his grandchildren’s names now, I would have laughed at you, there were no signs when we were looking at buying together that this would happen so fast.

It’s not just dementia, there are a host of other medical conditions that can make it that a person needs significant care that the family cannot provide.

It’s just another thing that needs to be carefully considered in any decision.