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Tenants in common
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Writing A Will To Reduce Probate costs |
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Low Cost Probate Fees & Services Executor Services Trustee Services |
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What to do When
Someone Dies Without a Will |
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What Does Tenants in common Mean?Tenants in Common is a way of owning property in the UK. The other main way of owning a property in the uk is to own it as joint tenants. If you own your property as joint tenants then both of you own the whole of the property, you own 100% of the value of that property. When your partner dies, the other automatically becomes the sole owner of the property. Owning a property as tenants in common, means each of you own a portion of the property, typically this will be a 50%, 50% split but it does not have to be an even split any percentages could be used. The advantage of owning a property as tenants in common is when one partner dies the property is not automatically passed to the other via survivorship, it can be left to your partner in your will or to another party or trust fund in your Will. This allows for the property to be moved outside of your partners estate whilst still allowing your partner to benefit from the use of the property. This approach when combined with the correct form of Last Will and Testament can be highly effective in protecting the value of some assets from the effects of long term care and could also play a key role in a strategy to help reduce inheritance tax Your property can be changed to be owned as tenants in common via a deed of severance, which we will arrange for you at a fixed fee. We offer a free in home consultation without any obligation where we can explain in more detail how severing your tenancy and changing your property over to tenants in common could help in your overall estate planning Why not give us a call to discuss your requirements, you will be glad you did and so will your family. Call us now on 0845 3700 240. |
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Tenants in Common |