The Will Associates is one of the UK's largest estate planning companies, specialising in Wills, Trusts, Powers of Attorney and Probate. We have hundreds of trained consultants and head office staff and we have helped over 7,000 people protect in excess of £1.5BN in assets.
The Old Magistrates Court Market Drayton Shropshire TF9 1PH United Kingdom
If your property is owned as Joint Tenants then the whole property, and the subsequent proceeds of sale of the property will belong to both owners. They do not have separate shares which they can sell or leave in a Will. If one person dies then the right of survivorship applies. The survivor then becomes the sole owner of the whole property. For each person to own a specific share of the property the joint tenancy would need to be severed. If ownership of the house is severed and transferred to tenants in common, they each will own a percentage share of the property which can be equal 50/50 or defined e.g. 60/40. Your 50% or agreed share value of the property will be dealt with by the terms of your Will.
You've worked hard for you what you have. Make sure you keep it.
The share of the property is held in Trust during the lifetime of the joint owner, enabling them to continue to live there but it does not become their asset. This protects the asset from being swallowed up by expensive care fees or subject to the risk of secondary relationships which could affect inheritance by your children.
Our trained consultants can discuss your current circumstances and recommend the products that will provide the correct protection for you, your family and your assets. For peace of mind contact the
Will Associates today and Get your free information pack or call us on 0800 8477 212 to arrange a free appointment with one of our trained consultants, at a time convenient to you and your family in the comfort of your own home.