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
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.
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
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
register it for free with The National Will Register
[https://www.nationalwillregister.co.uk/aboutwillregistration.aspx] using code
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 »
There is a lot of talk around the importance of writing a will to ensure that
your money, property, and other assets are bequeathed to the family members or
children that you wish to nominate as beneficiaries of your estate.
However, did you know that there are certain types of financial assets and
property that you should not or cannot include in your will?
These types of assets are usually jointly owned or contain some sort of
instruction that dictates what happens to the property should you Read More »
If you have recently been considering making a will then you may have stumbled
across one of the many online will writing services.
While this may look like a fast, efficient way to prepare your last will and
testament, it may have left you with some unanswered questions.
Here we will take a look at the positives and negatives of using an online
service for your will preparation.
Preparing a will online saves a trip to the solicitors office and means that you
can write your Read More »
If you have documented your wishes that are to be carried out after your death
in the form of a will, you will need to review it periodically.
Having your estate and finances distributed to people of your choosing can be
handled legally by way of a will. However if your circumstances change you may
want to alter things like beneficiaries or change assets that are bequeathed to
a specific person.
Life brings about many changes and there are a number of instances where you may
need to amend your Read More »