Joint tenants and Wills
Many adult children do not realise that, should their parent die, they will not automatically receive a percentage of their property.
Where a property is held by “joint tenants” rather than “tenants in common”, particularly when a divorce has occurred and a parent is living with someone else rather than remarrying, English law states that their portion of the property will automatically be transferred to the surviving tenant, regardless of what is written in their Will, known as “survivorship”.
This is just one of the reasons why a Will should be prepared by a professional, rather than using a DIY Will writing package. The Will writer will ensure that the property is held by tenants in common rather than joint tenants, so that should the person require the Will to dictate that their child will benefit rather than the other tenant, this can then take place.
If the property is currently held as joint tenants, this can be formally severed and a new agreement put into place under this amended status.