This is a bold statement to make but there are two good examples I can cite.

Picture two elderly parents who own their property as joint tenants.  When one dies the survivor will be the sole owner of the property.  If the surviving parent goes into care then the value of the property, save the exemption allowance of £14,000, can be taken into account to pay the fees.

A second example is when a parent remarries and buys a property jointly with their new spouse.  If your parent dies first the property is then solely owned by the surviving spouse (step-parent).

So in both cases the fact of joint tenancy brings about a less favourable postion for the potentail family beneficiaries than can be achieved with proper planning.

The simple answer is to sever the tenancy to make the parents tenants-in-common. Then make a Will including a life-interest trust which can leave the surving spouse the full use of the property during their lifetime but allows that shsre to go to the benficiaries after death.  This is a good result all around and simple enough to arrange.

If you would like to find out more, make a Will or if you want to arrange a visit please call Bill Ryan on 01225 582 582 or 07942 95 95 99. Alternatively use the contact page and you will be called back shortly.

The home visit Will service is available in Berkshire, Dorset, Gloucestershire, Hampshire, Oxfordshire, Somerset and Wiltshire.

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