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My wife and I bought a house in 2018. We were not married at the time and our finances were uneven.
We each have our own children and realised we would have to carefully write our wills.
I put most of the capital into the house and so we bought it as tenants in common, and signed a declaration of trust which set out the %age share as 75% to me and 25% to my wife.
We then made our wills, which set up a life interest trust between first and second death. This was mainly to ensure security and residency of the house for my wife if I should die first.
As time has passed I feel it is now appropriate that the house should be shared equally. This is an opportunity to make the will much simpler.
We are thinking of changing the tenancy to joint but not sure how this should be done.
Can we now terminate the declaration of trust? What is involved in this?
It is referred to in the Land Registry documents so do they need to be updated?
As they are they don’t mention tenancy in common, this is only in the declaration.
Looking at the Will it seems possible that we can leave it as it is, but it contains a lot of clauses that will now be redundant.
We each have our own children and realised we would have to carefully write our wills.
I put most of the capital into the house and so we bought it as tenants in common, and signed a declaration of trust which set out the %age share as 75% to me and 25% to my wife.
We then made our wills, which set up a life interest trust between first and second death. This was mainly to ensure security and residency of the house for my wife if I should die first.
As time has passed I feel it is now appropriate that the house should be shared equally. This is an opportunity to make the will much simpler.
We are thinking of changing the tenancy to joint but not sure how this should be done.
Can we now terminate the declaration of trust? What is involved in this?
It is referred to in the Land Registry documents so do they need to be updated?
As they are they don’t mention tenancy in common, this is only in the declaration.
Looking at the Will it seems possible that we can leave it as it is, but it contains a lot of clauses that will now be redundant.
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