Should the property be held in peoples names as joint tenants or tenants in common? A good example of purchasing property as tenants in common would be a couple buying a house when both have children from previous marriages. Quite often people wish their…
Should the property be held in peoples names as joint tenants or tenants in common?
A good example of purchasing property as tenants in common would be a couple buying a house when both have children from previous marriages. Quite often people wish their half share of a property to go to their own children as well as wishing their spouse or partner to be looked after during their lifetime.
This would be a perfect example where the property should be owned as tenants in common in equal shares (50/50) and deal with their half share of their property in their Will.
In a joint tenant situation, a couple would buy real estate as joint tenants. This would mean that upon the passing of one person the surviving person would inherit the entire asset.
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