How does owning my house as a tenant in common affect my will?

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. Back to the knowledge...

How does owning my house as a joint tenant affect my Will?

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 something different. If you want your share of jointly owned property to be inherited by someone who is not the other joint tenant, you will need to “sever” the joint tenancy. You can find information from the Government on doing so here: Change from Joint Tenants to Tenants in Common, Back to the knowledge...

What happens to my house if I die without a will?

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 will, that share will be distributed according to the rules of intestacy. As a joint tenant: If you own the property as a joint tenant with someone else, your share of the property will automatically transfer to the other surviving owner. They will then have full ownership and responsibility for the property. This is the case whether or not you have a will. Intestacy rules If you die without leaving a will, then the state decides how your estate (money, property, personal processions etc.) is distributed, using their intestacy rules. These rules are thought by many to be old fashioned and more often than not will not reflect what you would have wanted to happen and can mean that key people such as your partner could be excluded. The rules used can be complicated, but here are some of the highlights: Currently if you are married or in a civil partnership, your partner will get the first £250,000 of your estate and all your possessions, no matter what their value is. The...

How is my property dealt with in my Will?

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: As joint tenants. 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 cannot be divided between them. When one joint tenant dies, their share of the property will automatically pass to the surviving joint tenants who will then own the whole property – even if the deceased’s will says something different. Tenants in common Where property is owned by tenants in common, each owns a separate share of the property. The shares can be equal or unequal. When one tenant in common dies their share in property can be gifted in their will, just like another assets. Why is it important? If you co-own property as a joint tenant you may not want the other joint tenant to receive your share of the property when you die. In that case you will need to “sever” the joint tenancy. You can find guidance on this here. How do I find out ? If you own property with someone else, but don’t know whether it’s as joint tenants or as tenants in common, you may be able to find out from the Land Registry by undertaking a “title search”, which costs £3.00. Usually – but...

What can’t be included in my will?

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 will – joint tenant’ article to find out more. Life insurance policies in trust – any payments due on death will be paid directly to the beneficiary previously nominated by the deceased. Death in service benefits – any payments due on death will usually be paid to the spouse or person nominated in the policy information. Pension benefits – these will usually go to the spouse or the person nominated in the scheme documents. Trust assets – if you’re the beneficiary of a trust, you may not be able to give away those assets in your will. Your trustee will be able to confirm the conditions applicable to you. Equally, if you are a trustee you cannot give away any will assets you hold as a result of your position. Assets not owned by you – this can include items borrowed or leased, such as a car. To avoid any doubt, when you make your Affio will, we’ll help you identify the assets you have and the ones which can’t be included, so you can be sure of who will get what when...

Making my will with Affio

See also: What will be covered by my will? Appointing Executors Appointing Guardians What happens if an appointment fails? Gifts and Legacies Making changes to my will I’ve downloaded my will, what do I do...