A Property owned by two people can be
held “Joint Tenants in Common” instead of normal joint
ownership.
This means that you can leave your
share to others, rather than each other. In most cases
this involves making a small change to the way the
property is legally owned.
"This
simple change can make a big difference to how your
estate is dealt with!"
Eg. You might want to leave your share
to your children in trust.
The trust provides a “Half-Way house”
between giving as asset away retaining ownership. You
can of course provide a spouse with the right to occupy
in the case of a house.
The trust can provide more flexibility
in cases where a son or daughter is declared bankrupt,
or suffers a loss of capacity, or even gets divorced.
Why do this ? Previously, it was
Inheritance Tax in the past that could be saved.
However, today the Inheritance Tax
rules are more favourable and since 2007 it in many
cases it has not been necessary to use this type of Will
to reduce tax.
"What has been found, however, is that this type of Will offers significant benefits over and above a simple Will, for people wishing to ensure their wishes are not changed or “forgotten” after their death".
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Picture taken near Burneside, Kendal, Cumbria. |
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For example, in these two cases below we can see why this type of Will might be useful. You might know of other reasons;
Re-marriage
Deceased share goes as anticipated
cannot be altered by re-marriage.
Controlling son
or daughter
This might be
a son or daughter who lives near or with the parent,
and is able to influence their decision making.
Again the deceased
person’s wishes can’t easily be altered.
Wills on marriage
For most
of us, when getting married, this is a good time to
think about making a Will and who our assets should go
to. Typically, we might want to include our new
partner!
A reason for this is that
marriage revokes a previous Will so it would be wise
to be aware of this.
Anybody who
is getting married for the second time or more may
want to give more thought to their requirements, and
what might be an ideal solution. Kendal Wills are
fully experienced in dealing with this type of
situation, where there may be children from an earlier
relationship.
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