Help: Property

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.

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 so

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

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: 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