Re: Tenants in Common vs Joint Owneship of Home

On Nov 11, 2:02 pm, "DavidM" <davidm_uk_no...@xxxxxxxxxxx> wrote:
Earlier this year we changed our home from joint ownership
to tenants in common, in anticipation of making IHT trust
wills. Given the recent changes to the IHT nil rate band
allowance for married couples and civil partnerships there
seems little point in incurring the cost of making these wills.
However are there any benefit of changing back to joint
ownership (eg. simplifies things when the first spouse dies),
or should I just leave it at tenants in common? Any
disadvantages of leaving things as they are?

Nobody replied, so I will have a stab, though I am not an expert.

If you have the house as TinC then your co-owner can leave their house
to their lover in their will if they wish. If they have no valid will
then the intestacy rules might give the deceaseds part of the TinC
house to someone other than the survivor. if it's JT then the house
passes to the survivor regardless of the will or lack of one.

With a JT either can sever the JT just by writing to the other - it
does not require consent.

A death certificate is all that's needed to remove the deceased's name
from the deeds. You don't have to wait for probate. This might
possibly be valuable if money is tight after the first death and the
house has to be sold quickly. probate can take a long time and the
inheritence tax has to be paid before probate is granted. if the
house is TinC is cannot be sold until after probate is granted.

I stand to be corrected and my knowledge might be out of date.



Relevant Pages

  • Re: OT - my Ma
    ... I keep being impressed with British Gas and then having my good impression ... I was impressed by their probate department. ... Mum's house was sold last month so I had to contact them again. ... letter must have been posted first, they were indeed closing the account. ...
  • Re: Inheritence tax via building Society/ Trust
    ... You can't get the house *or* get your hands on her money until probate is ... most financial institutions will release money specifically for paying IHT ...
  • Re: Co-trustee dispute
    ... will be in the trust after probate. ... Your father has a will that creates a trust to put ... What does the the house have to do ... in real property to be unable to agree such ...
  • Re: Wills query
    ... We currently own a house between three of us and drew up wills ... of destroying the original of the old will but retaining a fragment. ... chancery courts see them - wills and ...
  • Re: Ploisre Tuesday
    ... It's Mike's house, and for him to decide what to do with it. ... I suppose when the property in question is a farm, and it has to be run by the family as a business, it's a bit different from a house that is just personal property. ... And I don't think Brenda has raised the subject of wills and inheritance as such, she's more concerned with the immediate future. ... I cannot always control what goes on outside. ...