Advertisement feature Are you a couple with your own home?
For couples who own their home there are two very different ways that you can be joint owners. ‘Beneficial joint tenants’ or ‘Tenants in common’. There are important pros and cons to both.
Beneficial joint tenants (usually referred to as joint owners)
• you have equal rights to the whole property
• the property automatically goes to the other owner if you die
• you cannot pass on your ownership of the property in your will until second death
Most of us are joint owners because that was recommended when we first bought. However, as we move through life and circumstances change, there can be significant benefits of changing to tenants in common.
Second marriages, long term care, inheritance tax and protecting your share of the home to pass on to your children are the main issues. The fact that you can pass on your share of the home in the will does not mean your other half becomes homeless when you die. Having the right trust in a will allows you to have best of both worlds so your other half has the house for their lifetime
Tenants in common
• you can own different shares of the property (most people own 50% each)
• the property does not automatically go to the other owner if you die
• you can pass on your share of the property in your will
but, on their death, your share goes to your children.
There is one other big issue with home ownership of either type. What happens if one of you loses mental capacity and the other needs to sell the house? If capacity is lost through dementia, a stroke or a coma following an accident, the other person can only sell after applying to the Court of Protection for permission. This is an expensive and long winded process. However, it can be avoided if you have powers of attorney in place.
For help with Wills, Powers of Attorney, Probate & Funeral Plans Contact: Peter Camrass DipPFS Aff.SWW Call: 01622 720985 or go online:
www.camrasswills.co.uk
• We offer help & advice •
• Home visits •
• All fees agreed before you proceed •
www.nightingalebathrooms.co.uk Tel: 01622 246 0460800 566 8889 36 Mid Kent Living
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