Property Ownership

Property is usually owned in the following ways.

SOLE OWNER

JOINT OWNERS

TENANTS IN COMMON

Which has the following effect when drafting a Will.

SOLE OWNER - is owned outright by the owner and therefore 100 per cent can be given away in their will.

JOINT OWNERS - when the first joint owner dies the property is automatically owned 100 per cent by the survivor. Therefore the first person to die has no property to leave in their will.

TENANTS IN COMMON - the property is usually owned 50 per cent by each of the owners. Therefore the first person to die can leave their fifty per cent of the property to the beneficiaries in their will.

The way a property is owned has serious implications in regards to

COMMUNITY CARE

INHERITANCE TAX

AND ENSURING THAT YOUR BENEFICIARIES INHERIT FROM YOU