It is important to make arrangements if you wish anyone to inherit or live in the property if you was too pass away, especially if the house is in one person’s name only.

For example, Mrs Smith lives with her partner Mr Brown and they have been together for two years. Mr Brown sold his house and used his proceeds of his house to renovate the Mrs Smith’s property and started paying towards the bills and mortgage. Mrs Smith sadly passes away and her estate automatically passes two her older children, leaving Mr Brown homeless.

Also, it is important to protect your share to potential care costs and second marriage disinheritance. If you hold your property in joint names, the property automatically passes to the survivor, meaning the whole house is now in one persons named solely.

Now if the survivor was to remarry, passed away and didn’t update his will. The family home could pass to their new spouse, meaning the children could be disinherited.

Also, if the survivor sadly needed to move into a residential care home and had less then £23,250 in a bank account, they could potentially sell the house and use all proceeds of the sale to fund their care, meaning all of the estate can be used.

If you have a property, we recommend preparing Protective Property Trust Wills of which you hold the property as tenants in common, which allows you give half the house away on first death into a protective property trust, this protects your share from second marriage disinheritance and protect your house from unnecessary care home fees.

If you’d like to find out more please contact a consultant, who will be happy to help, on 01604 8073598.