Ftb - joint tenants legally - will suggested?

Pow11890

Hi all 

Myself and my partner just brought our Ftb home this year in April 2022 and we decided to go in as “joint tenants” legally as opposed to tenants in common. To give it some context we aren’t married yet, and don’t have many other assets barr some cash saving. Is it worth us getting a will in place still even though our main shared asset is the shared home and somewhat covered by being in As joint tenants legally from what we understand when we carried our conveyancing paperwork? 

We understand the rest of our assets are covered but as two parties who aren’t married however those aren’t our priorities to covers as it presently stands. It’s just mainly the home!! 

I would just like some advise re whether a will would be something necessary? Even with the caveat in the conveyancing paperwork. 

Thank you in advance 

YBR

It is always worth having a Will, but particularly if your nearest-and-dearest are not the closest relations under intestacy law.

It is also worth doing Lasting Powers of Attorney so that someone (probably your partner) can deal with your financial affairs an make health decisions if you become unable to.

RAS

At present, if you or your partner die, the other becomes the sole surviving tenant. So the house is already dealt with. Any other joint assets (accounts) would also go to them.

So it would only be solely owned accounts that would be inherited, under intestacy rules, after the funeral costs and any debts had been paid. Do either of you significant solely owned assets?

What agreement do you have place regarding your futures? If you marry, obviously any relationship breakdown would, or at least should, include a financial settlement that would deal with all jointly and solely owned assets.

If you don't marry, what happens if the relationship breaks down sometime in the next 60 years? Do you have a deed of trust in place? What would happen if you have children and don't marry, then break up?

MSE is littered with people with disputes over property after relationship breakdown. Some were married but have no financial settlement and are horrified to discover their ex might get half the current equity of a house for which they've solely paid for a decade. Others are trying to extract equity from a jointly owned house when their ex-partner refuses to sell or buy them out.

Much better to talk about it now. And get something down legally. 

Keep_pedalling

You could do simple DIY wills to cover your other assets, and leave making a professionally draw up one until you get married or have children.

I would second getting LPAs in place as a priority, if either of you lose capacity through illness or accident, not having them will leave the other partner in a very difficult position both financially and decisions on medical treatment.

The other priority is insurance to cover the mortgage should the worst happen.

Pow11890

Keep_pedalling said:

You could do simple DIY wills to cover your other assets, and leave making a professionally draw up one until you get married or have children.

I would second getting LPAs in place as a priority, if either of you lose capacity through illness or accident, not having them will leave the other partner in a very difficult position both financially and decisions on medical treatment.

The other priority is insurance to cover the mortgage should the worst happen.

Thanks all! Many great ideas to consider here.
We’ve both got life insurance and life assurance both privately & work policies so covered on that front 😊will need to look into LPA!! 

getmore4less

The thing you have to watch as it can catch up with you is as unmarried there are no transferable nil rate bands to follow the asset passing to the OH.

as prices go up an mortgage comes down the asset base can climb quickly.