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Joint Tenants or Tenants in Common (Joint Ownership)
This is probably the most important thing for Joint Owners to
consider - carefully - with advice.
Joint Tenants
Where property is owned by two or more people as joint tenants - then,
if one dies, the property becomes owned by the survivor(s). In other
words - if 'A' and 'B' own a house together as joint tenants - and 'A'
dies - 'B' becomes sole owner.
Any beneficiaries under, for example, A's Will, are completely excluded.
They will have no defined share.
This is very important.
Married couples usually elect to own property as 'Joint Tenants' - but
not always. Couples who have been married previously, and have other
children, may not want their children to be excluded.
Tenants in Common
Where property is owned by two or more people as 'Tenants in Common' -
they each have specified shares, for eg - one half. If one dies
then their specified share will pass to their estate under any Will.
Young couples buying their first home together (if not married) will
often want to be sure that any money (or share) they put into the
property is 'spelt out'. What if the relationship fails? Will you lose
what you put into the property?
Some things to think about
- Are you married?
- If so, were you previously married and have other children?
- Would you want to exclude other children from any interest you may
have in property if you died?
- If you were married previously, but have no children, are you
putting ALL your savings into the new property (and is your new
partner?)
- Do you want your spouse/ Partner to inherit all the property if
you died first?
- If you aren't married, are you contributing equally to the
deposit?
- If not, should you specify your respective shares to help make it
clear if you split up (or die!)
- HAVE YOU MADE A WILL?
Do take advice (separately if you are not sure!)
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