Joint Tenants Case Study

Joint Tenants Case Study

 

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.
 

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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.

 

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