Tenants in Common »
Unless you are the sole owner and occupier, you will need to know this.
Most people own their house jointly, or as joint beneficial tenants. This means that if one of the owners dies, their share automatically passes to the survivor.
For the IOU Discretionary Will Trusts and Protective Trusts to work most effectively, this arrangement needs to be altered.
We do this via a legal agreement between the two owners which changes the way you own your property to “Tenants in Common”, after which you each own a half share in any property. This allows each individual’s half share of the assets to be left in trust, and allows you to make best use of the protection and tax saving measures available.
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