IF YOU'RE looking for a property better suiting your lifestyle, buy in conjunction with your adult children.

You can buy and renovate, or build a property big enough for two families, which gives a lifestyle at a lower cost.

This type of purchase is called is a co-ownership agreement and offers flexibility and asset protection.

Examples include:

* Buying a block of land to build a dwelling that satisfies the living requirements of both.

* Buying land containing a duplex, two townhouses or two villas and each can live in a separate home on the same block.

* A widowed parent could build a granny flat on to their adult child's house.

Seek legal advice relating to your own situation, but generally speaking, co-ownership agreements offer legal protection to both parties.

A common solution is to have a joint tenancy agreement.

This provides good protection to the younger generation, as the deceased parents' share automatically gets passed to them.

This means other siblings can't force the younger generation to leave the property after their parents have died.

Depending on the will, compensation may be paid to siblings, which should be spelt out in the agreement.

Visit mylifechange.com.au for more information.