Joint Property

If you own property jointly with another person you should consider how it affects your estate planning. If you are married or in a civil partnership, you may need to sever the tenancy in the property so that each half share is available for each of you to use individually in your estate planning and whilst ensuring that each share is protected from the other’s creditors. It also allows each of you to control the destination of your share of the property. If you own the property with someone (or other people) to whom you are not married (or in a civil partnership) then you may wish to draw up a declaration of trust that states the proportion of the property that each of you owns and the declaration may include any other conditions that you want to put in regarding the ownership of the property and entitlement to the proceeds when the property is sold.

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Best wishes

Remi Aiyela