Ask The Agent.
Richards is an independent Estate Agents in Corfe Mullen, specialising in residential properties for sale and rent as well as property management in Corfe Mullen, Wimborne and the surrounding areas.
Jason Spiers MNAEA, the owner of Richards Estate Agents, has been an agent for over 25 years.
Let us know any
questions you may have about moving and he’ll answer them for you.
Dear Jason,
Hello Jason, We’ve just bought our fi rst home together and our solicitor is keen for us to make a will. Is this necessary?
James Shortland & Mary Phillips
Hello James & Mary, A good question with a very simple answer. Yes. It really makes sense to do so.
Now the subject of making a will may sound morbid, but having just made probably the biggest joint investment in your lives; make sure that both your interests are equally protected.
I assume that you did buy in both your names. There are two different types of joint ownership – so you need to check.
‘Benefi cial Joint Tenants’ – is what most people think of as joint owners – meaning each of you would automatically become the sole owner of the property if the other dies, irrespective of marital status.
‘Benefi cial Tenants in Common,’ means the surviving partner has no automatic right of inheritance, and the dead person’s share simply becomes part of his or her estate, to be distributed, in the absence of a will, according to the rules of intestacy – which in practice means that it goes to any living relatives in a strictly laid-down order of precedence, or even reverts to the Crown.
If you’re married, or in a civil partnership, then that’s not a problem. The spouse automatically tops the list. If not, and from a legal standpoint you are only co- habiting, then the only recourse open to the surviving co-owner would be to buy out the deceased’s share.
To be on the safe side, I would make two so called ‘mirror wills.’ These match and refl ect each other, so if either party dies, the survivor is equally protected. A bit morbid maybe – but better to be safe than sorry.
Enjoy your fi rst home and I hope you both have many happy and healthy years there.
Jason Ask The Agent is brought to you by Richards Estate Agents in Corfe Mullen.
If you have a question for Jason, please email:
jason@richardsestateagents.co.uk or feel free to pick up the phone and call us on (01202) 602121.
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