House Ownership

A couple owning a house usually do so as "Joint Tenants". That means that if one of them dies the entire house would be owned by the survivor, regardless of any Will.

That's fine, provided:

• The survivor would not then have a large taxable estate
• The couple are not in the process of separating or there is no other reason why the partner should not control how your life's savings are passed on. (E.g. because of children by a previous marriage).

So, your adviser should check and, if necessary, "sever" the Joint Tenancy in favour of "Tenants in Common in Equal Shares". You could then allow your partner to occupy the house and buy another with the proceeds of sale. But, after his or her death, "your half" would be held for your beneficiaries.

Apart from protecting your children against the risk of total loss the scheme could also protect against the Tax Man and, coincidentally, against Social Services.

Getting in touch with County Wills (Northampton) Ltd won't cost you anything-

Call 01604 455073, or fill in the enquiry form. Alternatively you can email wills@wills.uk.net