A property owned by two people can be held “Joint Tenants in Common” instead of normal joint ownership.
This means that you can leave your share to others, rather than each other as with the simple “Mirror Wills”. In most cases this involves making a small change to the way the property is legally owned.
For example, you might want to leave your share to your children in a trust. These trusts are often described as “Discretionary Trusts”.
You can of course provide a spouse with the right to occupy in the case of a house.
The trust can provide more flexibility in cases where a son or daughter is declared bankrupt, or suffers a loss of capacity, or even gets divorced.
Why do this? Previously it was Inheritance Tax in the past that could be saved.
However, today the Inheritance Tax rules are more favourable and since 2007 it has not been necessary to use this type of Will to reduce tax.
What has been found, however, is that this type of Will offers significant benefits over and above a simple Will for people wishing to ensure their wishes are not changed or “forgotten” after their death.
It can also help ensure that peoples’s hard earned assets are given to their family and beneficiaries, as they intended, and not used for other purposes.
For example, in these two cases below we can see why this type of will might be useful. You might know of other reasons:
Deceased share goes as anticipated to the children and cannot be altered by the re-marriage of a surviving partner.
2. Controlling Son or Daughter
Again, the deceased person’s wishes cannot be easily altered.
At our first meeting, we will explain the differences between a Will, creating a trust and an ordinary Will enabling you to decide on the best course of action.