Tenants in common

[Rke22]

I am providing all of the equity as my wife and I are moving into a new house, I have a will in place where the property will go to my kids if either of use die (I am aware if I die she can change the will) I have been told by conveyancer to put the property as tenants in common more in my favour and have been asked if I need a declaration of trust. I have tried and am waiting for the solicitors that did my will to come back to me but can anyone help in the meantime. I am a little confused. Regards and thanks for any help

[Pezza54]

Hi
Welcome to LB

A declaration of trust should state each persons percentage of the property they own, how any mortgage, improvements and maintenance will be paid, if it is sold how the sale proceeds will be divided
This agreed and signed formal document will hopefully avoid future disputes about the property if the relationship breaks up

You are going to need to change your will to leave your share of the property to your children (or their issue should they predecease you) and if your wife survives you, giving her a life interest in the property

[islandgirl]

Pezza54 sorry to jump on a thread but your answer above was very interesting thank you. Do you know if declaration of trust could also be used to protect a gift of say property from parents to a (grown up) child to protect the amount of the gift if they split up with a partner (married or unmarried)

[Pezza54]

Please read the article "Declaration of Trust: Protecting Your Property Interests" at www.bbc-law.co.uk

The child gifted the property would need, along with their partner, to agree and sign the deed of trust

If the relationship works out in the long term with the partner contributing more to the property, the terms of the trust deed can be altered

It should be possible for the parent to gift their child the property at the same time the child and partner sign the declaration of trust

[islandgirl]

That is extremely helpful Pezza thank you