SEVERANCE OF TENANCY
(PROTECT YOUR PROPERTY AGAINST DIVORCE / REMARRIAGE)
If you own your property as joint tenants with a partner/spouse and the relationship ends, you may decide that you would no longer wish the other person to receive their half share interest in the property automatically in the event of your death.
Instead you may wish to ensure that your share in the property passes to someone else, such as your children, in the event of your death. If so, you will need to sever the joint tenancy and would also need to make a Will, in which you can specify, among other things, to whom your interest in the property will pass to in the event of your death.
At Willpower family we can give expert advice to Sever a Tenancy to become ‘tenants in common’ and ensure that your wishes are reflected in your Will, which needs to be done at the same time. If you already have a Will in place you will need to make a new one to reflect that a Severance of Tenancy has taken place.
It is not expensive to sever a tenancy and it will give you peace of mind that you have protected your share in your property for your loved ones.