New Will for First time buyers

Emma and James, a young unmarried couple, recently purchased their first home together. Their mortgage broker had recommended an initial discussion with us to understand what would happen in the event one of them were to die.

Emma and James were co-owners of their property as tenants in common with unequal shares. We explained to Emma and James the concept of owning property as tenants in common, emphasising that each co-owner held a distinct, quantifiable share of the property.

The couple was made aware that, in the absence of a will, the rules of intestacy could result in their individual shares of the property not automatically passing to the surviving partner. Instead, it might be subject to distribution based on legal provisions that might not align with their preferences.

As a result, their primary objective was to structure wills that would specify how their individual shares of the property should be distributed, ensuring that the property passed to each other first and then their chosen beneficiaries rather than being subject to default legal provisions.

Based on the couple's individual shares and their desired beneficiaries, we crafted personalised wills for Emma and James. The wills outlined their intentions explicitly, specifying how each individual's share of the property should be distributed in the event of their death. This provided clarity and ensured that the property passed to the chosen beneficiaries, preventing potential conflicts and legal complications.

This case emphasises the importance of understanding the legal implications of property ownership structures, especially for unmarried couples. By structuring wills that align with individual ownership interests and desired beneficiaries, Emma and James have taken a proactive approach to secure their property's future, providing peace of mind for them both.