Partners will usually hold their property jointly, this is known as ‘Joint Tenants’. If you hold your property as Joint tenants, should one partner die, that share is passed automatically to the surviving partner and will not pass through the Will. This is known as passing by ‘Survivorship’.
Alternatively, you may hold your property in specific shares – as ‘Tenants In Common’. This means that your share in that property will pass in accordance with your Will as it will form part of your estate. This enables you to make a gift in the Will to specify who is to take your share in the property, unlike a Joint Tenancy.
It is easy to convert a Joint Tenancy into Tenants In Common if you wish to make a gift of your share of the property. This can be done by a ‘Notice of Severance’, which is then registered with the Land Registry.
A Grant of Probate is the document that is issued to you by the Probate Registry. The document confirms your …
Read more Wills & ProbateInheritance tax is charged at the rate of 40% on the value of your estate above the allowances available. The …
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Read more Wills & ProbateNot necessarily. When we receive your Will instructions, we will look at your age and circumstances, and we will write …
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Read more Wills & ProbateNo, you do not have to act as an Executor. You have a couple of options. Your first option is …
Read more Wills & ProbateA member of your family, your partner, a friend or solicitor may act as your executor. The executor must be …
Read more Wills & ProbateUnlike an intestacy, where children must take their inheritance at 18, if you make a Will you can specify at …
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