Secure Your Legacy with Smart Joint Tenancy Severance

Owning property jointly is common in the UK, but many aren’t aware of the implications this has on inheritance. Joint tenancy comes with a ‘right of survivorship’, meaning the property automatically passes to the surviving owner(s) upon your death, regardless of your will’s directives. If your intention is to leave your share of the property to someone else, severing the joint tenancy is essential.

Understanding Joint Tenancy and Right of Survivorship: In a joint tenancy, all owners hold an equal and undivided interest in the property. The right of survivorship is a key characteristic, where the surviving owner(s) automatically inherit the deceased’s share, bypassing the will.

Why Sever Joint Tenancy?

1. Control Over Your Property Share: Severing the joint tenancy allows you to leave your share of the property to someone other than the joint owner, like your children from a previous marriage.
2. Estate Planning Flexibility: It enables more flexibility in estate planning, especially in complex family situations.
3. Protecting Your Beneficiaries’ Interests: Ensures that your intended beneficiaries receive their rightful inheritance.

How to Sever a Joint Tenancy: Severing a joint tenancy in the UK can be done unilaterally. It involves serving a notice of severance to the other joint tenant(s) and registering this change with the Land Registry. This process converts the joint tenancy into a tenancy in common, where each owner has a distinct share that can be bequeathed through a will.

The Transition to Tenancy in Common: Once a joint tenancy is severed, it becomes a tenancy in common. Unlike joint tenancy, in tenancy in common, each owner can leave their share of the property to anyone they choose in their will.

Key Considerations:

• Legal Advice: It’s advisable to seek legal advice before severing a joint tenancy to understand the implications fully.
• Communication with Joint Tenant(s): This decision can affect your relationship with the co-owner, so clear communication is essential.
• Updating Your Will: After severing the joint tenancy, ensure your will reflects your new intentions for your property share.

Severing a joint tenancy is a crucial step if you wish to leave your share of a property to someone other than your co-owner. It’s about ensuring that your estate planning aligns with your specific desires.