Tennants in Common.

[pevensey]

I'm seriously thinking of finding a nice care home for my hubby with vascular dementia, I'm really struggling with his severe lack of mobility and other issues. But can anyone tell me have I left it too late now to sort out our joint house ownership, we have mirror wills leaving everything to each other and then last surviving one to be split between our 3 children. I've read on this forum about tennants in common being preferable, but I think I've left it too late ??? And is it complicated and expensive.

 

[Kevinl]

The procedure is set out on the link below, it's fairly straightforward but you can download the forms and decide for yourself if you think it's possible for you to do it without legal assistance.
You would also need to make a new will gifting your half to whoever you choose.
K
https://www.gov.uk/joint-property-ownership/change-from-joint-tenants-to-tenants-in-common

 

[canary]

OH and I own our house as tenants in common.
I thought I would point out something terribly obvious and you probably realise already, but it only makes a difference if you die before your husband does. All the while you are both alive it is not relevant and your husband probably cant alter his will now, so if he dies first, his half of the house will come to you as before. It is only if you die before him that your half of the house would be left to whoever you leave it to in your will (Im assuming your children). In this case, if your husband then needed to move into a care home, only half the value of the house would be available for care home fees as the rest would belong to your children

 

[jenniferjean]

OH and I own our house as tenants in common.
I thought I would point out something terribly obvious and you probably realise already, but it only makes a difference if you die before your husband does. All the while you are both alive it is not relevant and your husband probably cant alter his will now, so if he dies first, his half of the house will come to you as before. It is only if you die before him that your half of the house would be left to whoever you leave it to in your will (Im assuming your children). In this case, if your husband then needed to move into a care home, only half the value of the house would be available for care home fees as the rest would belong to your children

We've recently been down that road. While we were in the process of buying our flat the solicitor recommended we updated our wills. Mine has been done and if I go first my half of the home is left to my daughter and grandsons. However, my husband had to be tested to see if he was able to change his will and he failed the test. So his original will stands and if he goes first his half comes to me.

 

[pevensey]

We've recently been down that road. While we were in the process of buying our flat the solicitor recommended we updated our wills. Mine has been done and if I go first my half of the home is left to my daughter and grandsons. However, my husband had to be tested to see if he was able to change his will and he failed the test. So his original will stands and if he goes first his half comes to me.

Thankyou everybody for your replies and advice, I will look at the link and hopefully be able to do it without solicitor, my hubby wouldn't be able to change his will, he wouldn't understand what is was about. Is it definitly worth have tenants I'm common

 

[Banjomansmate]

At my suggestion and rather against my husband’s wishes we had this done twenty years ago when he was diagnosed with depression and diabetes. I changed my will so that if I died first my half of the house was shared between our children but he had the right to live in it until such time as he died or could no longer remain there alone. He refused to change his will which left everything to me. Two years later he died of lung cancer and the house is now all mine so I hope I never have to go into residential care or the family will get very little.

Please get the will done correctly by a Solicitor as the wrong wording can cause havoc and untold repercussions.