Writing a Will
Till debt do us part / DIY obsession causes homeowning SOS
Expert advice from James Molloy
“Legal matters, such as wills, frame most people’s lives, but many are baffled by the jargon. AA Legal Services is committed to demystifying the legal jargon, by offering simple, plain English solutions to the needs of modern Britain.”
The AA Legal Lowdown
- Make a Will – Those with their name in the deeds should have a will.
- Decide the Deed Titles – Think about whether both names should appear on the deeds and whether you want to be ‘joint tenants’ or ‘tenants in common’.
- Joint Tenants - Joint tenancy means you each hold an equal half share in the home but within this tenancy neither of you can take the other person's share. If one of you dies, the other person inherits the whole of the property. You cannot leave your share to someone else in your will.
- Tenants in Common – This means property is held in shares and you can state how much you each hold when you buy the property. For example, one of you could have 60 per cent and the other 40 per cent. If you don't state this, the law says the shares are equal. The shares are separate, so when you die, your share is passed on according to what your will states. If you die without a will, it passes to your next of kin. If you do not make a will leaving your share to your partner, he or she could end up holding the home jointly with your nearest relative or relatives, who may try to sell the property.
- If You Are Not Sure, Ask Your Solicitor – If you have any concerns, bring them up with your solicitor before you sign a contract.
Safe as Houses Facts
- Over half of new homeowners will choose new curtains or paint the walls in place of writing a will or changing the locks when they move in to their new home.
- More than four in five people under the age of 35 express concerns about what may emerge from their parents' will.
- Around one in three people are worried about sibling rivalry over their parents’ wills.
- Only one in five couples with children under the age of 11 say they have made a will.
- 90% of homeowners without children do not take the time to write a will.
- 40% of homeowning couples admit their house is in just one person’s name.