Should you be registered as tenants in common or joint tenants when you purchase a property? What exactly is the difference between the two and why does it matter?
It is particularly important in the context of estate planning to understand the difference and chose the right form of ownership for you.
When you are making a Will, you need to know whether you own your property:
- As joint tenants: it does not form part of your estate and passes to the survivor by survivorship,
- As Tenants in Common: this needs to be addressed in your Will as your share in the property forms part of your estate and is distributed as per the directions in your Will.