As a property owner, have you ever considered how the way you own your property can impact its fate after you’re gone? At A.D.E Wills, we’re dedicated to helping you navigate the intricate world of property ownership and estate planning.
Today, let’s explore the concept of joint tenancy – a common form of property ownership where multiple people share ownership rights. While this arrangement might seem straightforward, it can sometimes complicate your estate planning wishes. That’s where the process of “severing” your joint tenancy comes into play.
Joint Tenants vs. Tenants in Common: Unraveling the Differences
When you’re a joint tenant, you and your co-owners share equal rights to the entire property. Consequently, if one owner passes away, their share automatically transfers to the surviving owners, regardless of any provisions in their Will. This automatic transfer is known as the “right of survivorship.”
In contrast, tenants in common each possess a distinct share of the property. As a result, they have the flexibility to leave their share to whomever they wish in their Will, thus providing more control over the property’s future distribution.
Why Consider Severing Your Joint Tenancy?
Severing your joint tenancy effectively converts it into a tenancy in common. This legal maneuver can offer several advantages:
1. Freedom of choice: You gain the ability to leave your share of the property to someone other than your co-owner(s), thereby increasing your estate planning options.
2. Protection from care home fees: In certain situations, severing joint tenancy can help safeguard your share of the property from potential care home fees.
3. Enhanced estate planning: As a tenant in common, you have greater flexibility when it comes to structuring your estate and planning for the future.
How A.D.E Wills Can Assist You in Severing Your Joint Tenancy
As experienced Will writers, we at A.D.E Wills offer a comprehensive service to help you sever your joint tenancy and convert it into an equal tenancy in common for just £150. Our service includes:
1. Preparation of all necessary legal documents
2. Registration of the severance with the Land Registry
3. Ensuring your Will accurately reflects your new ownership status
It’s worth noting that if you desire to create an unequal tenancy in common, you’ll need a Declaration of Trust. Although we can’t provide this service directly as it’s a reserved legal activity, we’re happy to refer you to a trusted solicitor who can assist you with this process.
Is Severing Your Joint Tenancy the Right Move for You?
While severing a joint tenancy offers numerous benefits, it’s important to recognise that it’s not a universal solution. Therefore, it’s crucial to carefully consider your unique circumstances and discuss your options with your co-owner(s). Some key factors to consider include:
– The nature of your relationship with your co-owner(s)
– Your long-term plans for the property
– Your overall estate planning objectives
Given that every situation is unique, what works for one property owner might not be the optimal choice for another. For this reason, seeking professional advice before making any decisions is essential.
How A.D.E Wills Can Guide You Through the Process
At A.D.E Wills, we’re committed to providing professional guidance tailored to your specific situation. Our team of experts will:
1. Assess your current property ownership situation
2. Explain the advantages and potential drawbacks of severing your joint tenancy
3. Guide you through the severance process if you determine it’s the right choice for you
4. Ensure your Will accurately reflects your new ownership status and wishes
We believe in empowering our clients with knowledge and supporting them throughout every step of the process. Our primary goal is to help you make the best choices for your estate and ensure your wishes are respected.
Ready to Take Control of Your Property’s Future?
If you’re contemplating severing your joint tenancy or simply want to gain a better understanding of your options, we’re here to help. Don’t hesitate to reach out to us today to schedule a consultation. Our friendly team is eager to answer your questions and provide the guidance you need.
To get started, simply call us on 01865 507174 or send an email to info@adewills.co.uk. Let A.D.E Wills help you secure your property’s future and provide you with peace of mind.
Disclaimer
This article is intended for general informational purposes only and does not constitute legal advice. Given that every situation is unique, it’s always advisable to seek personalised advice for your specific circumstances from a qualified professional.
