Advice on splitting ownership.

landrums0805

I am seeking advice as to the best and most cost effective way to ensure that my partner receives 25% of my property upon my death.
I have looked at leaving 25% of the property to her in my will and the remaining 75% divided equally between my non-dependant children, but wills can easily be changed.
As a sign of commitment I want her to feel secure in that she actually owns 25% and will feel comfortable living in the house on my demise.
I believe that I can get the deeds changed, to add her name and declare that she owns 25%.
Is this so?
How much will it cost?
How do I go about it?
Are there any other options?
I look forward to any replies.

powerwin

I would say you primarily need to be looking at making the correct provisions in your will. You will either need to investigate inheritance law yourself or consult a solicitor. The deeds to the house would not necessarily have to be changed now providing you have the correct provisions in your will.

This is not professional advice ...

Rgds

CLAPTON

presumably you own the house in your sole name

assuming you have no mortgage then you can change the ownership to 'tenants in common' so that you own 75% and she owns 25%

this is relatively simple and you can do it yourself but may wish to consult a solicitor

you can leave your 75% to anyone you want; she can leave her 25% to anyone she wants

if you die first then your children can force the sale of the house to realise their money
if she dies first then whoever inherits her share can force the sale of the house to realise their share

presumably you have considered inheritance tax on the event of your/her death

you can however create a trust and give her life interest in the property; you would need to consult a solicitor