Tenants in Common
in Deaths, funerals & probate
13 replies 485 views
Been advised to change our home from joint tenants to tenants in common to "protect" 50% of it from means testing for care fees, to leave some inheritance to the children. Are there any downsides to doing this, such as selling the home that's in trust when my wife or I pass, accessing the trust in any way prior to the survivor also passing? Thanks.
Latest MSE News and Guides
British Gas prepay meter users...
...to pay less for gas from 1 AprilMSE News
The 'odd Easter flavours' thread 2023
What bizarre food stuffs have you spied?MSE Forum
Energy Price Guarantee calculator
How much you'll likely pay from AprilMSE Tools
Only for the taxpayer and your comfort in old age, so don't worry about it.
I would watch last nights Martin Lewis show, it did touch on this subject.
However it can depend where in the UK you live as to who inherits if one of you dies without a will.
For comparison, the average length of stay in a care home is around 12 months. Self funders would pay around 50K. If their house were worth £200k that still leaves a not insignificant sum for their children.
You can certainly do this to avoid inheritance tax on second death though and it's a common thing to do.