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Ownership - tenants in common
OverExposed
Posts: 16 Forumite
I am buying a second property with my wife and need to specify the ownership criteria.
i would like to select tenants in common, with 25/75 split between my wife/myself
i would update my will and specify how my 75% share of the property would be distributed. this is because i would like 2 beneficiaries other than my wife to benefit from the property in the unfortunate event of my early death.
however my wife would like to have her 25% share distributed to myself in the unfortunate event of her death, if she writes this in her will, would this work? it seems to contradict the point of tenants in common? or maybe not... slightly confused.
in short, i would like to ensure that my share of the property would be distributed to 2 beneficiaries other than my wife. however my wife would like to ensure that her share would only pass to me and no other beneficiaries (via the rules of ancestry)
main reason: my wife in her own right is financially well off, further enhanced by inheritance from joint-assets in the event of my death. The 75% share of mine would make little difference to her if I died. I on the other hand have 2 indirect dependents who would benefit from inheriting my share of the property in the event of my death.
Would the above arrangement have any implications?
Thanks
i would like to select tenants in common, with 25/75 split between my wife/myself
i would update my will and specify how my 75% share of the property would be distributed. this is because i would like 2 beneficiaries other than my wife to benefit from the property in the unfortunate event of my early death.
however my wife would like to have her 25% share distributed to myself in the unfortunate event of her death, if she writes this in her will, would this work? it seems to contradict the point of tenants in common? or maybe not... slightly confused.
in short, i would like to ensure that my share of the property would be distributed to 2 beneficiaries other than my wife. however my wife would like to ensure that her share would only pass to me and no other beneficiaries (via the rules of ancestry)
main reason: my wife in her own right is financially well off, further enhanced by inheritance from joint-assets in the event of my death. The 75% share of mine would make little difference to her if I died. I on the other hand have 2 indirect dependents who would benefit from inheriting my share of the property in the event of my death.
Would the above arrangement have any implications?
Thanks
0
Comments
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OverExposed wrote: »i would like to select tenants in common, with 25/75 split between my wife/myself
i would update my will and specify how my 75% share of the property would be distributed. this is because i would like 2 beneficiaries other than my wife to benefit from the property in the unfortunate event of my early death.
however my wife would like to have her 25% share distributed to myself in the unfortunate event of her death, if she writes this in her will, would this work? it seems to contradict the point of tenants in common? or maybe not... slightly confused.
Yes, she has a share of the property and can leave it to anyone she wants.0 -
the point of owning as tenants in common is that you have actual shares in the property that you can leave to who so ever you want to in your will....0
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