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Convenient Wills, 16 Thomas Avenue, Newcastle-under-Lyme, Staffordshire  ST5 9AF                                                                                                   Proprietor: Rod Jones

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Convenient Wills

•  home-visit will-writing service  •

•  bespoke wills at ‘value for money’ prices •

•  daytime and evening appointments  •

Call: Stoke-on-Trent

(01782) 639716  

Lasting Powers of Attorney, Living Wills, Home visit will writing Service, Daytime and evening appointments, Low prices

What is ...   

‘Tenants In Common’?

 

Property can be legally owned by a single person, or jointly by two or more people - as joint tenants.

 

However it is possible to sever the ‘joint tenancy’ and create a beneficial interest in the property for each owner; this type of ownership is known as ‘Tenants in Common’ or ‘TIC’ for short. Each owner then has an ‘equitable’ interest in the property that they can give away.  Both owners however remain the legal owners.

 

The type of ownership/tenureship is important for some estate planning exercises.

 

Where a property is owned as ‘joint tenants’ then on the death of the first owner the deceased owner’s share of the property automatically goes into the name of the surviving owner’s name. This automatic transfer overrides any gift of a share contained within the deceased owner’s will.

 

Compare that with a property owned as ‘tenants in common’. On the first death the deceased’s will may place their share of the property into say a trust fund for their children.  Or, they may just give it away to their children.  Importantly they can dispose of their share however they wish.  ‘Tenants in Common’ therefore allows a person to be in control of their assets, rather than allowing the law to dictate what is to happen to them.

 

This feature of ‘tenants in common’  therefore provides estate planning opportunities  that would not otherwise be available. Changing your jointly owned property from ‘Joint Tenants’ to ‘Tenants in Common’ should be considered for tax planning, long term care planning, divorce defence, when remarried, by cohabiting partners,  and / or where their are step children.

 

There are however downsides to severing the tenancy of your property too. You should be aware of them.  An experienced will-writer should explain to you both the ‘pros’ and ‘cons’ of changing the tenancy of your property:  if they do not then we recommend you find a will-writer who does.

 

If you use our home-visit will writing service we will explore how the tenancy of your property could be used in your estate planning.

 

We discuss property tenancy (and the need to severe it) with you when making

your will - if appropriate. If appropriate we will then sever the tenancy for you.

 

More details of our home-visit will writing service can be found on the product page.

  • Property ownership
  • Joint tenants
  • Tenants in common
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