There are 3 ways you can own a property
1. Solely
Where you are the only owner of your home or any other properties you own and if you were married then the property would pass directly to your Spouse / Civil partner.
2. Jointly
This is where the property is owned by all the owners. If one of the owners dies, the property would automatically pass to the surviving owner i.e. Surviving Spouse / Civil Partner-if they then remarried the property will fall outside of your estate. If you owned a property with your partner and you passed away, the property would go to your partner at 100%, even if you have your own children and a Will.
3. Tenants in Common
Although this sounds like you are a tenant, do not worry you are not. You are an owner of a distinctive share of the property. This way of owning your home or other properties protects your share in event of divorce or separation. Your share of the property will not automatically pass to the surviving owner. Your Will can stipulate where your share of the property is to be distributed upon your death.
If you are concerned on where one of your biggest assets is going to go to upon your death, contact us and we shall discuss this further. We shall also ensure your Will is also written in the correct way to reflect your wishes.
