Ownership of Property When making Wills.
Depending upon the value of your property, it may be possible to use it as a means of Discretionary Trust planning. It is common practise for married couples to own property as “Joint Tenants”. The severance of a Joint Tenancy may be required to change the property ownership to “Tenants in Common” so you and your partner no longer own your whole property together, but own one half each.
Once you are “Tenants in Common” your home will no longer automatically pass to the spouse on death. This is particularly important if you are using Discretionary Trust Wills for non-tax related benefits, for example the protection from future costs or protecting your assets for your children if your spouse remarries. The terms "joint tenants" and "tenants in common" are used to describe the ways in which two or more people can own a property.
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