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We receive many enquiries such as “Is there an alternative to gifting the Family Home?” as some people are not in a position to place their property into a Family Trust.
To assist you we will explain more about Joint Tenants v Tenants in Common ownership of property and how that can assist in preserving at least a half share of your property.
Firstly, you can hold a property as joint tenants. This means that you hold the property in equal shares and upon the death of either party, the property will be vested solely in the name of the surviving party regardless of any intentions or wishes expressed in the deceased’s Will.
Tenants in Common
Secondly, you may hold the property as tenants in common. This means that you may hold the property in any proportions you wish to specify and upon the death of either party the property is not automatically vested in the name of the surviving party. Instead, the deceased’s share will pass in accordance with the terms of their Will, or in the absence of a Will, their intestacy.
Life Interest Trust Wills
So, how does the above help you?
By holding your property as tenants in common, you are able to leave your respective share of your property to your chosen beneficiaries i.e. your children as opposed to the surviving spouse. In your Will, you can create a trust allowing the surviving spouse to remain living in the property until they die or become unable to live in the property on a permanent basis.
Should you require any further information, then please do not hesitate to contact a member of our Trusts and Estates department on 01743 218450.
Need advice? Email us email@example.com