Property News · March 30, 2017

As tenants in common, could we specify that our children inherit our property?


My husband and I would like to sever our joint tenancy in order to stipulate in our wills who gets our share when one of us diesQ My husband and I are considering severing our joint tenancy and becoming tenants in common. We would be doing this to protect our children’s inheritance. I believe that by doing this we can give our shares of the property to our daughters, but remain in it should either of us die. I believe this is “giving a life interest”. At the moment, being joint tenants, we have made a joint will, leaving the property to whoever survives the other, and in the event of both our deaths, to our children. There are also stipulations that each of our six grandchildren receives £10,000 when we both die, providing there is that amount left in our estate. If we become tenants in common, do we have to update our existing will to mention giving a life interest to the surviving spouse and leaving our half of the estate to our daughters and grandchildren, as in our existing will? SMF Continue reading…

Source : theguardian.com
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