Just so I am clear, could you please confirm that in effect you are looking for a mechanism enabling your wife to enjoy occupation of your jointly owned property if he were to go first, but that on her death, your 50% share of the house should pass to your children?
I look forward to hearing from you.
Thanks for your reply Tony.
Well, the usual way of protecting both your interests in the property is to make a Will as well as "severing the joint tenancy" of the property so you hold the property as Tenants in Common both own a separate 50% each in the house (or whatever percentage split you both agree on).
There are 2 ways in which parties can own a property- the first is by Joint Tenants, meaning that one the death of the first owner, the whole of the property passes to the survivor.
The alternative way is to hold the property as Tenants in Common meaning you both hold a separate percentage share each in the house, and which percentage share can be left to whoever you nominate in your Will.
Under your Wills, you can leave your respective share of the property to your nominated children, but include a provision stating that if the other party survives you, the other party is granted a right to remain living in the house for as long as they require/until they die/move into a Nursing home. This therefore allows the survivor to remain living in the property after the first party has passed. The Wills will then go on to say that upon the death of the second party, or whenever the survivor wishes to sell, your respective share in the house will pass to your children.
This is a very common situation and a local Wills Solicitor will have no trouble drafting these Wills for as well as severing the joint tenancy on the house if you currently hold it as Joint Tenants. The average cost for preparing the Wills would be around £350 plus VAT and for dealing with the severance of the joint tenancy it would be approx. £200 plus VAT.
I hope this assists and answers your question.
If I have helped, I would be grateful if you could rate my answer.
Hi, if I have helped, please don't forget to rate my answer, so I can get credited for my time. Thanks Al
Hi Tony, thanks for your reply. You can indeed protect each of your's half share in the property, but to do this, you need to amend your Wills, leaving your respective half shares to your respective children, as opposed to leaving all your Estate to each other as stated in your existing Wills. As mentioned in my first post, you will also need to sever the joint tenancy so you hold the property as Tenants in common. Your Solicitor will be able to deal with this for you. I hope this helps. Kind Regards Al
Hi Tony, just to clarify- provided you sever the joint tenancy in your property, prepare new Wills leaving your respective half shares in the property to your respective children, this will preserve that party's half share in the house if the survivor were to go into a Nursing home. I hope I have helped, and if so, I would be grateful if you could rate my answer so I may get credited for my time. Kind Regards Al
If I have helped, I would be grateful if you could rate my answer, so I may get credited for my time.
Hi Tony, I would be grateful if you could rate my answer, please. Thanks Al