ESSEX & SUFFOLK SPECIALISTS IN WILLS, PROBATE, LASTING POWERS OF ATTORNEY & SEVERANCE OF TENANCY

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Securing your Estate whilst you are alive and afterwards.

SEVERANCE OF TENANCY

This involves changing the way in which you own property.

You may own your property jointly as a married couple, friends or partners  in one of two ways:

Beneficial Joint Tenants, or

Tenants in Common.

Joint Tenants own 100% of te property together rather than a specific share. Essentially they hold on trust for each other so that when one owner dies the remainder acquires that share automatically, despite anything the deceased person's Will may say.

 

Tenants in Common by contrast own a specific share of the property e.g. 50/50 so that if one party dies their share will pass under their Will or according to the rules of intestacy if there is no Will.

 

Married couples who wish to protect the home from third parties or to prevent a new spouse acquiring their share on the remarriage of a surviving spouse or who simply wish their share to go to the next generation can change ownership from Joint Tenants to Tenants in Common.  A Trust written into the Will at the time of changing ownership will ensure that your share of the property is protected and will pass under your Will as you intended.

 

We can guide you through the severance process and assist you with completing and filing the relevant documents.

 

 

 

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