When people buy a home together they generally do so as joint tenants but when a partner dies this can often make assets vulnerable.
If a property passes to the surviving owner, should that person then need to go into care the property may have to be sold to pay for the fees.
The cost of long term care can be substantial and can drastically reduct the amount that can be passed on to your children or other beneficiaries.
To prevent this happening, owning a home as tenants in common will mean that each person has an identifiable share in the property that can be disposed of separately with the directions set out as part of your Will.
Thus, no matter whether the surviving owner has to go into care, one half of the property value can be protected for the next generation.
However, this arrangement can cause complications so it is important to think this through properly and to take proper advice.
Our experienced Private Client Team can assist in making sure that the arrangements work properly and that your wishes are respected.
Call us on 01282 426251 for a free initial consultation.