Buying Property? Make A Will!

In an ideal world, every adult should have a Will. It is even more essential if you are buying a property or already own one.

Having a Will is not only advisable, in many cases it is one of the most important documents you make (and should have). Whether you’re single, married, have children (or don’t), own assets or just simply want to ensure your possessions go where/to whom you want them to, you should make a Will. 

A Will should be more than a last thought too. Many people mistakenly believe that you don’t have to think about or make a Will until you are ‘older’; so they don’t bother until something happens later on in life. 

If you die without leaving a Will, you have no control over who inherits your assets. Your assets will pass under the ‘Rules of Intestacy’ and will depend on whether there has been a full or partial intestacy.

When you purchase a property, this is increasing your assets, and with a Will you can determine who will inherit your estate (assets). 

There are a few factors to consider when you are buying a property…There are a lot of questions that pop up when buying a house with one of the most common ones being whether or not you need to have a will in place to make the purchase. 

When buying a property, you can choose to own a property as ‘tenants in common’ or ‘joint tenants’…

Tenants in common means you own a share of the property and can pass on your share in the property in your Will. There can be multiple co-owners of the property and you can own a share in the property in equal or unequal portions.

Joint tenants can only involve two parties in the property ownership. With joint tenants, when you die, the surviving co-owner will automatically become the sole owner of the property. In terms of your Will, the most important thing to be aware of is that you will be unable to leave the property to a named beneficiary if you own it as joint tenants.

If you want to have complete control over who inherits your property then be sure to make a Will. 

A question to ask is “do you want your property automatically passing to your co-owner on your death?” If so, you should own as joint tenants. This means the property will automatically pass to your co-owner under the rule of Survivorship.

If you want to pass your property share to someone other than your co-owner on your death, then you should own your property as tenants in common. This means you can leave your share to a named beneficiary in your will.

What happens if we both die in an accident, and neither of us have prepared a Will?

Whilst we don’t like to think or talk about death, this is good question. In an ideal world, we all should have Wills; regardless of age and health. 

It’s important to consider making a Will once you buy a property or if you already have a Will, you should consider revising it if your circumstances have changed.

If you both die without a Will/Wills, the rules of intestacy will come into play and the estate including the property you own will be distributed amongst the persons entitled under Intestacy laws.

The Rules of Intestacy are complicated and there is a set list of beneficiaries to whom the estate will pass onto. If you want control over your assets you should ensure you make a Will.

Mark Tucker, the founder of MT Legal Services has nearly 40 years of experience in matters regarding Wills and Probate. As a member of the Institute of Professional Will Writers, you can be sure that you’re in good hands when you employ MT Legal Services.

To book your FREE CONSULTATION, please get in touch!

T: 01604 591242

E: mark@mtls.co.uk