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.
Inheritance tax is charged at the rate of 40% on the value of your estate above the allowances available. The …
Read more Wills & ProbateYes. In England, Wales and Northern Ireland you must be over 18, and in Scotland you must be over 16. …
Read more Wills & ProbateYou can set aside money for her using a Discretionary trust, which will not affect her entitlement to state benefits.
Read more Wills & ProbateYes, an executor may be a beneficiary in your Will and it is often appropriate that the main beneficiary is …
Read more Wills & ProbateWe offer various levels of service; which one you choose will depend on how much work you want us to …
Read more Wills & ProbateBoth you and your husband should make Wills. As well as ensuring that you have provided for each other, you …
Read more Wills & ProbateNot necessarily. When we receive your Will instructions, we will look at your age and circumstances, and we will write …
Read more Wills & ProbateUp to 4 executors can act at a time. At least two executors are needed if their might be a …
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