You can co-own property with other people in one of two ways:
* As joint tenants; or
* As tenants in common
Where co-owners of property are tenants in common, each of the co-owners has a
separate share of the property. The shares can be in any proportion, so they can
be equal or unequal.
Unlike in a joint tenancy, when one tenant in common dies their share in
property can be passed on under their will, just like other assets.
Property can be co-owned in two ways:
* As joint tenants; or
* As tenants in common
Where property is co-owned by joint tenants each of them owns the whole property
and (while they remain joint tenants) the property cannot be shared between
them.
Property which is owned by joint tenants is not inherited under a will. When one
joint tenant dies their share of the property goes to the surviving joint
tenant(s) and the survivors then own the whole property – even if the deceased’s
will says so
There are a number of rules which apply to how your home will be dealt with if
you die without a will. What happens will depend on how you own the property:
As sole owner:
If you are the sole owner of the property, without a will your property would
form part of your estate and be distributed according to the rules of intestacy.
As a tenant in common:
If your home is owned on a tenants in common basis with someone else your share
of the property will form part of your estate. Again, without a
Your property is essentially dealt with just like any other asset that you own.
However, there are some additional considerations if you own property together
with someone else.
When you buy a property with someone else you can own it in one of two ways:
1. As joint tenants.
2. As tenants in common.
How you co-own your home will affect how it can be treated in your will.
Joint tenancy
Where property is owned by joint tenants each owns an equal share in the whole
property and the property c
Whilst most of your assets and possessions can be left to anyone you choose,
there are a number of things which fall outside the scope of your will and will
be disregarded, no matter what you request.
Items which can’t be included:
* Joint bank accounts – any funds in these accounts will automatically go to
the surviving account holder.
* Any property held as a joint tenancy – your half of the property will
automatically go to the surviving joint tenant. See our ‘Your home and your
Free wills month is upon us and if you happen to be 55 or over this provides you with the chance to create your will completely free of charge. If you have ever considered making a will and have been baffled by the terminology this guide will provide a fast reference for common rules and terminology in plain English.
1.What Makes A Will Valid?
It must be made by a person who is of sound mind who is over 18, voluntarily and without pressure. It must be signed by 2 witnesses that are not benefic Read More »
You may have seen notices or advertisements promoting Free Wills Month. If you
are not sure what it is all about then this article will help you to understand
what the Free Wills Month program is all about and learn about its benefits.
Free Wills Month takes place in March and October each year and offers you the
chance to prepare your will free of charge. The offer applies to those 55 years
of age and older and may be used to create your first will or to create a whole
new will even if you ha Read More »
You may already know that the month of October is Free Will Writing Month. This
is a great opportunity for those that haven't already prepared this vital
document to do so without charge.
For the entire month of October those aged 55 and over can write a will and
leave their estate, assets, and valuables to their loved ones. Appoint an
executor, name beneficiaries and make sure your legacy goes to the right people.
There are several places where you can write your will for free during the mont Read More »
When creating a will to document the division of an estate or assets, the
tendency can be to look for a will writing service that is located close by.
Historically the large majority of people have visited their town center or
high street and prepared their will with a local solicitor.
In fact, the term ‘will writing services near me’ scores very high for the
number of searches in Google’s engine.
This demonstrates that for those looking to write their will there is a common
thread of seekin Read More »
You have until June 4th to write your Will
[https://www.affio.co.uk/why-should-i-use-an-online-will-writing-service] and
register it for free with The National Will Register
[https://www.nationalwillregister.co.uk/aboutwillregistration.aspx] using code
FreeWillReg2021.
The National Will Register is a trusted partner of the Law Society of England
and Wales. The register is used by individuals, families, organizations,
government agencies and law firms to register their will. There are over 8
mi Read More »
