Making a Will and the Family Home

As specialist Will solicitors, the lawyers at Evolve Family Law are keen to ensure that families understand the legal complexities of Wills and the family home and have Wills that reflect their wishes and meet their family’s needs.

For expert estate planning advice and help with your Will call our team of specialist Will lawyers or complete our online enquiry form.

In this article, Will solicitor Chris Strogen looks at:

1. Joint property ownership and estate planning
2. Wills and joint ownership of property
3. The family home and your Will
4. Severing a joint tenancy
5. The family home and estate planning options
6. Reviewing your Will

Joint property ownership and estate planning

When you make a Will, it is crucial to check if you own any jointly owned property as joint tenants or as tenants in common with your co-owner. The jointly owned property could be:

• The family home
• A holiday home
• A buy-to-let property
• Investment property
• Commercial property

Whatever the purpose of the property, a quick check with the land registry can establish if you and your co-owner (or co-owners) own the property as joint tenants or as tenants in common.

Wills and joint ownership of property

The different types of joint ownership of property are important when buying a property and when estate planning because:

1. Joint tenants – co-owners automatically inherit property owned as joint tenants even if the deceased co-owner made a Will.
2. Tenants in common– if one co-owner passes away, then their share in the tenancy in common owned property passes by their Will. If they have not made a Will, then their share in the property passes under intestacy provisions.

The family home and your Will

Many people assume that they don’t need a Will because if they die first, the house will automatically pass to their partner. That is not correct if you own the property as tenants in common. Even if you own a house as joint tenants, you should still have a Will. This is because a Will records what happens to other assets, such as household contents, your car, any savings or other property.

When discussing your financial and family circumstances with your Will solicitor, you may decide that the best option for you is to sever the joint tenancy so your share in the family home passes under your Will rather than automatically to your co-owner.

An estate planning lawyer will advise you of your options and how to write a Will that potentially could:

1. Minimise the risk of family members claiming a share of your estate because they think that reasonable financial provision was not made for them, and
2. Reduce the amount of inheritance tax payable by your estate.

Severing a joint tenancy

If you jointly own a property with a co-owner, you may realise that you don’t want your co-owner to inherit your share in the property. For example:

1. You may own a family home with your former husband or ex-wife, or
2. If you have children, you may want your children to inherit your share in the property. This could be achieved by leaving your share in the property to them in your Will or creating a Will trust so your partner has the right to live in the property for the remainder of their life, but your share in the property then passes to your children, or
3. You may own an investment property with a sibling or friend. To avoid your co-owner inheriting your share of the jointly owned property, you can sever the joint tenancy so you hold the property as tenants in common.

If you sever the joint tenancy, there are three points to note:

1. You don’t need your co-owner’s agreement or consent to sever the joint tenancy.

1. You need to make a Will, as without a Will, your share in the property will pass under intestacy rules. If you have an existing Will, you should consider reviewing the Will to ensure that it is up to date, inheritance tax efficient, and that you have minimised the risks of your Will being challenged.
2. If you sever the joint tenancy and your co-owner passes away, their share of the property will pass under their Will or under intestacy rules. If the joint tenancy had not been severed, the property would have passed automatically to the co-owners upon the death of the first owner.

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The family home and estate planning options

If your family circumstances are complicated, you may be concerned about deciding on whether to make a Will, review your Will, or decide on whether to own your property as joint tenants or as tenants in common.

You may be concerned about leaving your share of the family home to a new partner, as you feel the need to balance the needs of your new partner with those of your children from a previous relationship. There is a range of estate planning options to help you achieve a balance you are comfortable with. For example, you could give your partner a life interest in your share of the family home, allowing them to continue living in the property. However, if they sell or pass away, your share of the property will then pass to the beneficiaries named in your Will.

Reviewing your Will

You may have made your Will many years before you bought your jointly owned property, or the value of your estate may have changed. That is why it is important to review your Will to ensure your share of your property passes to the person or people you want to leave it to. By reviewing your Will regularly, as family and financial circumstances change, you can minimise the risk of your Will being challenged and protect your loved ones.

For expert estate planning and help with your Will call our team of specialist Will lawyers or complete our online enquiry form.