Our sons recently purchased a modest property for the use of my wife and I. They have been advised that it would be prudent if they instrructed a solicitor to draw up a formal agreement giving us the right to reside in the property for our lifetime. The purpose would be to ensure that in any unanticipated situation that might befall them our right to reside in the property would be protected.
They were further advised that this could also be advantageous to them, as such an agreement might mitigate their liability to any capital gains on the sale of the property on our eventual demise.
Have they received valid advice?
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