Joint Tenants or Tenants in common to protect each other and children

[Dunnock]

Hi,

My fiance and myself are purchasing a property and we have to decide between joint tenants and tenants in common.

We think tenants in common is the best choice because we both have chldren from previous relationships and would like to ensure on the event of either of our deaths that our share of the property would go to our respective children.

The one thing we want to be sure of though is that if one of us died and the children inherit 1/2 the property they cannot turf the other person out until they either choose to sell the house or die themselves. We just want to be able to pass something to our children in the event of our death but also protect each other at the same time.

I thought there may be a way to put a clause in a will to say that the 50% would only pass to the children in the event of the other party dying or selling the property but I wanted some advice on the matter. we will see a solicitor for creating wills in due course but currently just want to know if this is the best way to accomplish what we would like to do?

Any advice would be gratefully received

[PallasAthena]

Inheritance Tax is another issue to take into account.

There are so many different factors in play here, including what you are intending to say in your post-marriage Wills, that if I were you I'd get professional advice from a solicitor specialising in this area of law.

[atticus]

The best way is to have wills prepared which cover this exact point (amongst other things)..

With a tenancy in common, when you die, your share forms part of your estate. Through your will, you can specify how your estate is to be dealt with.