When you are planning a property transaction it is advisable to make or update your will to ensure any assets in your estate are distributed as you choose.
I am buying a property with another person, what happens if I do not have a will in place?
There are two choices when purchasing a property with another person. Either as joint tenants or as tenants in common and depending how you own the property will determine what would happen to your property should you pass away with out without a will in place.
Joint tenants
If you own the property as joint tenants then when you pass away the surviving joint tenant will own the full property. If the surviving joint tenant passes away and they do not have a will then the Court will follow the intestacy rules to decide who will benefit from the property and any other assets they may have.
This could result in the family of the first joint tenant to die completely missing out.
Tenants in common
If you own the property as tenants in common then, when you pass away, the surviving tenant in common will not automatically own the full property unless it is stipulated in a will or they would benefit through the intestacy rules.
I am buying a property in my sole name, what happens if I do not have a will in place?
Without a will in place you cannot decide who will benefit from your property once you have passed away. The Court will follow the legal rules in this situation, known as intestacy rules, and will decide who will benefit from your property and any other assets that you may have.
I am selling my property, what happens if I do not have a will in place?
The court will follow the intestacy rules to deal with any other assets that you may own
I have a will which was written before I decided to buy/sell my property, should I update it?
It is recommended that you review your current will every time something changes either financially or within relationships. Buying /selling a property will affect the assets that you own and you may want to update your will to reflect this.
If your current will makes reference to a specific property then that clause may be invalid. Therefore it is important to review your will to ensure it still meets your needs and your loved ones do not miss out.
I was thoroughly impressed with the service provided.
5 steps to making your will
Step 1: Your initial appointment
You will make an appointment at our office to discuss what you would like in your will.
The appointment generally takes around 30 minutes.
Step 2: Drafting your will
Once we know exactly what you would like in your will then we draft your will and send it to you in the post.
Step 3: Amendments
You need to review your draft will then contact us with any amendments you may have. At this point we will arrange another appointment.
Step 4: Signing your will
This is your opportunity to go through your will at our office and ensure you are happy with the document. Once you have signed your will it will be witnessed and dated to ensure it is valid. The appointment generally takes around 15 minutes.
Step 5: Storing your will
We can store your original will free of charge plus give you a copy for your records.
Terms of a will explained very clearly. Patient, gave me time to think things through. Professional throughout, not rushed.
Severing a Joint Tenancy
If you own a property as joint tenants, the tenancy can be severed so the property is owned as tenants in common. This ensures that each share of the property can be left on trust in a will.
Some people prefer to leave their share of their property on trust, so their partner/spouse can live in the property during their lifetime but their children are the ultimate beneficiaries.
This is often when there is a second marriage and the children are from a previous relationship or there is a strategy in place to minimise care home fees.
Please talk to us if you need advice about severing a Joint Tenancy and this can be discussed at your first meeting. Please note, there will be an additional charge for this service.
Be aware that if you do own your property as Joint Tenants then your interest in the property will automatically go to the surviving joint tenant if you predecease them.
