Property and inheritance
Discussion
I wanted to check something about property and inheritance as I think someone has been given duff advice. I assume SPL is better than Homes etc…
So a unmarried couple bought a house and put it in joint names (I assume 50/50 split), and separated after having some children with the mother living in the house.
If either parent dies who does their share of the property go to?
Thanks
Dan
So a unmarried couple bought a house and put it in joint names (I assume 50/50 split), and separated after having some children with the mother living in the house.
If either parent dies who does their share of the property go to?
Thanks
Dan
dreaddan said:
I wanted to check something about property and inheritance as I think someone has been given duff advice. I assume SPL is better than Homes etc…
So a unmarried couple bought a house and put it in joint names (I assume 50/50 split), and separated after having some children with the mother living in the house.
If either parent dies who does their share of the property go to?
Tenants-in-Common or Joint Tenants?So a unmarried couple bought a house and put it in joint names (I assume 50/50 split), and separated after having some children with the mother living in the house.
If either parent dies who does their share of the property go to?
But, either way, standard intestacy rules apply.
Hmm I'm even more confused now..
Accoring to the land registry
[i]Beneficial joint tenancy -> If you die, your interest in the property passes automatically to the other owner or owners.
Tenancy in common -> You can give away, sell or mortgage your share. If you die, your share of the property passes to the beneficiary in your will.[/i]
Accoring to the land registry
[i]Beneficial joint tenancy -> If you die, your interest in the property passes automatically to the other owner or owners.
Tenancy in common -> You can give away, sell or mortgage your share. If you die, your share of the property passes to the beneficiary in your will.[/i]
dreaddan said:
Hmm I'm even more confused now..
Accoring to the land registry
[i]Beneficial joint tenancy -> If you die, your interest in the property passes automatically to the other owner or owners.
Tenancy in common -> You can give away, sell or mortgage your share. If you die, your share of the property passes to the beneficiary in your will.[/i]
Yes, that's correct. If your parents, for example, are planning their inheritance tax liability then the normal procedure is to ensure that co-owners are tenants in common. This allows either partner to bequeath their 50% share to whom they like upon their death (normally their children) and take advantage of their own inheritance tax threshold thus reducing the liability for IT on the remaining estate upon the death of the second partner.Accoring to the land registry
[i]Beneficial joint tenancy -> If you die, your interest in the property passes automatically to the other owner or owners.
Tenancy in common -> You can give away, sell or mortgage your share. If you die, your share of the property passes to the beneficiary in your will.[/i]
Absolutely THIS
Beneficial joint tenancy -> If you die, your interest in the property passes automatically to the other owner or owners.
So it effectively passes outside the Will (or Intestacy)!
... however... for IHT purposes the deceased 'share' of the house has a notional value which must be added to the rest of hi/ her estate for IHT liability calculations (especially since they are not married)
Think of it like a joint bank account - on death of the first, the other gains title to the whole of the account proceeds.
Beneficial joint tenancy -> If you die, your interest in the property passes automatically to the other owner or owners.
So it effectively passes outside the Will (or Intestacy)!
... however... for IHT purposes the deceased 'share' of the house has a notional value which must be added to the rest of hi/ her estate for IHT liability calculations (especially since they are not married)
Think of it like a joint bank account - on death of the first, the other gains title to the whole of the account proceeds.
caiss4 said:
dreaddan said:
Hmm I'm even more confused now..
Accoring to the land registry
[i]Beneficial joint tenancy -> If you die, your interest in the property passes automatically to the other owner or owners.
Tenancy in common -> You can give away, sell or mortgage your share. If you die, your share of the property passes to the beneficiary in your will.[/i]
Yes, that's correct. If your parents, for example, are planning their inheritance tax liability then the normal procedure is to ensure that co-owners are tenants in common. This allows either partner to bequeath their 50% share to whom they like upon their death (normally their children) and take advantage of their own inheritance tax threshold thus reducing the liability for IT on the remaining estate upon the death of the second partner.Accoring to the land registry
[i]Beneficial joint tenancy -> If you die, your interest in the property passes automatically to the other owner or owners.
Tenancy in common -> You can give away, sell or mortgage your share. If you die, your share of the property passes to the beneficiary in your will.[/i]
Gassing Station | Speed, Plod & the Law | Top of Page | What's New | My Stuff