Is it too late to make house Tenants in Common

[sue38]

Hi Saffie,

Yes many spouses will make wills leaving everything to each other, but some don't, especially where it's a second marriage and each spouse has children from previous marriages/relationships.

For example H (husband) and W (wife) are in a second marriage and each have children from previous marriages. They own their house as joint tenants and have a joint account. Satisfied that the other one will inherit their share of the house and the joint account, under the right of survivorship, they make a will leaving 'everything else' to their own children. H then develops dementia and goes into residential care. W, concerned that she will die before H and that her share of the house will go to pay his care home fees, severs the joint tenancy so that her share of the house will go to her children. However by severing the joint tenancy H's share of the property will not then automatically pass to W in the event that he dies first. It will pass under the 'everything else' clause in his will and go to his children.

It's important to realise that when W severs the joint tenancy it doesn't just affect her share of the property, but also H's share.

I'd recommend that anyone considering making a will, or severing a joint tenancy, seeks qualified legal advice.

 

[Saffie]

Just to be sure, I did my severance through a solicitor and wrote a new will at the same time. The same solicitor who did our original mirror wills, of which of course my husband's remained valid.

I realise that not all wills and financial affairs are as straightfoward as ours were but it was our's I was being asked about.