How you own your home with your spouse or partner is very important. If one of you dies, what happens to your financial stake in the property will be very different depending on whether you are joint tenants or tenants in common.
This could affect:
Any outstanding mortgage
The level of funding you’re able to get for care home fees
The amount of inheritance tax that has to be paid on death
How the rest of your estate is taxed
Whether or not you can stay in your home.
Joint tenancy means that you or your partner inherits the property outright when the other dies. Although this can often be beneficial, it could also mean there is more inheritance tax to pay.
It can also push you above the threshold for any means-tested benefits you would otherwise be eligible for, including support for care home fees.
If you are tenants in common, you can leave your share of the property to your spouse, partner or to someone else in your Will, or you can put it in a trust for safekeeping. This can protect your estate from unnecessary tax and make sure your partner is able to keep living in the house when you’ve gone.
Our solicitors can advise you on the type of joint ownership that’s right for you. We have experts in conveyancing as well as tax and trusts and probate: we’ll be able to look at the whole picture to evaluate what’s best for you and your estate.
Call the team today on 0370 1500 100 – or use our online form and we’ll call you back.
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Offices in 15 locations across the UK
Detailed knowledge of Will & trust planning and how to protect assets
Extensive experience in joint tenancy in relation to inheritance tax
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