TENANTS IN COMMON versus JOINT TENNANTS

Queen_B_3

margaretclare wrote: »

What step-mum should have done was to name both your friend and her biological son in her will. It's necessary to do this in the case of step-families - they have to be specifically named. Just saying 'my son' or 'my grandchildren' isn't enough, because then it just goes to the biological children.

We've done this in our wills, 5 grandchildren between us, they've all been named.

Margaret

In relation to this, my mum was married and had me and one of my sisters, then got divorced and remarried and I now have another two sisters. Because my mum doesn't have a will is this right that is she dies me and my other sister from the previous marriage will get nothing?

localhero

Hi Queen B,

It depends on what her estate is worth and how it is owned.

First of all, if she owns property jointly as joint tenants with her husband, then that will pass automatically to him when she dies.

Secondly with no Will, then the first £125,000 of her estate will go to her spouse with the remainder divided in to two. The first half will be divided equally between you and her other blood children (but not her step children).

Her husband will be entitled to the interest on the other half until he dies before the capital will pass to you and her children in the same way.

It is essential that your mother makes a Will, otherwise things could get really messy. Everyone should have a Will, but where second families are involved this is more vital than ever.

Best wishes.

caseyr

There's another aspect that I've thought about but don't know the answer to. If we change to TIC and one of us dies willing our half of the house to the children we would have a clause to allow the survivor to live in the house until their death - obviously to avoid fractious children kicking their parent out of the home - unlikely, but always possible. But what would be the situation if the survivor wants to downsize? Once the house is sold would the will from the deceased partner kick in leaving the surviving partner with half of the value of the house - that would be some downsizing!