Tenancy in common

carlbhoy

I’m about to update my will, I’ve been advised by my financial advisor, to take out a tenancy in common agreement, giving each my wife and myself a 50% stake, and on my death, my share goes to my niece, and likewise with her, it would go to her nephew.

If I die first, my wife would still be able to live in the property, until her death
Does this sound like a good idea, we are both in our sixties, and have no children

Keep_pedalling

Yes, this is a fairly standard thing to do, it insures that the people you want to receive your assets still do so if you die first. 

Mojisola

carlbhoy said:

I’m about to update my will, I’ve been advised by my financial advisor, to take out a tenancy in common agreement, giving each my wife and myself a 50% stake, and on my death, my share goes to my niece, and likewise with her, it would go to her nephew.

If I die first, my wife would still be able to live in the property, until her death
Does this sound like a good idea, we are both in our sixties, and have no children

There should also be a clause allowing the surviving spouse to sell up and downsize if wanted. 

Think about whether you would want money released from the sale to go to the beneficiary immediately or whether the surviving spouse can retain the capital in order to generate some income.

There should also be clauses setting out that the surviving spouse is responsible for the maintenance and upkeep of the property.

carlbhoy

Thank you, for your replies