Severance of Joint Tenancy
Severance of Joint Tenancy
By owning your property as ‘Tenants in Common’, rather than joint owners, you can state where you would like your half of the property to go on death. There is a lot more protection owning your property as Tenants in Common, including protecting a half share of the property against care fee costs. When you become Tenants in Common we would include a ‘Life Interest Trust’ in your Wills, giving each other the right to live in the property for as long as you like.
Ownership as Tenants in Common also enables you to ensure that your children are not disinherited after your death. For example, if your spouse remarries in the future, your children will not lose out on at least a share of your property.
The below example shows how a Severance of Tenancy would work. When Mr dies his share would go in to Trust to protect at least a half share for the children, there would be a Life Interest in the property for Mrs to live there as long as she wishes or until she dies. Providing both Mr and Mrs leave the house to their children, the children will receive the property on second death.
“Excellent service from beginning to end – and beyond. Nothing is too much trouble for them. I would, and do, highly recommend Inheritance Legal Services. A totally trustworthy team.”
Mr & Mrs Whitby
Contact us today about becoming Tenants in Common
If you have any questions, or would like to arrange an appointment, please do not hesitate to contact us.
