A client came into the office quite recently who had been married for over 8 years to her current husband. She told us that both her and her current husband had been married previously and they both had children from that marriage. She had currently purchased a new property jointly and she wanted to ensure that her share of it would eventually go to her children.
Our client wanted her husband to be able to live in the property if she were to die before him and then when he dies she wanted to property to be sold and for her children to benefit from the sale proceeds at that stage and she asked us for advice on how she could ensure this would happen?
If you hold a property as tenants in common your shares in the property will not pass to the survivor on death but will pass under the terms of your wills or under the rules of intestacy if a will has not been made.
One option is to leave your share of the property to your children but also allow your husband or wife to stay in the property after you pass away until he or she dies, or perhaps remarries or cohabits. This would mean that once one of these events occurred your share of the property would pass to the children of your husband or wife.
We suggested that couples discuss this in order that they are both fully aware of the situation.