Common or Clever - Property Protection Trusts

When a property is owned by more than 1 person there are two ways in which the property can be held. This can either be as Joint Tenants or as Tenants in Common. Each dictates the way in which the property ownership is dispersed following the passing of one of the named people on the property.

So, which is most suitable and what are the difference? Most common amongst couples entering a mortgage is the Joint Tenants. In this way the property is 100% owned by each person, not in individual or divided shares. Each person is entitled to rights on the whole property and this creates a survivorship.

On the passing of one of the named persons the whole property transfers to the remaining person (as they already own 100%). A person’s interest in the property cannot be gifted as part of a Will.

Tenants in Common however, have a stated share in a property, usually equal (i.e.50/50). It enables each named person to gift their share separately within a Will (for example to your children) whilst providing a lifetime interest to the remaining named person(s).

In terms of being clever, the Tenant in Common offers the greatest opportunity for planning to protect the property and succession, for instance to benefit and protect your children’s’ inheritance in the event of spousal remarriage or to protect a spouse/partner in the event of care costs arising.

One easy solution is to ensure you have an LPA and Will, that is where Langham Wills Ltd can help. Drawn from an IFA background and with over 20 years of Will Writing and LPA experience, our team can provide the essential documents with an inbuilt understanding of your financial objectives and Estate Planning needs.

Contact Langham Wills by email at, or via our website or call us on 01473 487611.