| It is a fact of life that relationships break down | | | | survivor holds onto his or her respective share |
| and that new relationships commence. In an age | | | | but does not automatically inherit the |
| of material wealth, relationships often involve the | | | | deceased’s share unless specified under the |
| sharing and dividing of assets such as property, | | | | terms of a Will. |
| particularly the matrimonial home. | | | | But if the relationship ends, the property might be |
| When someone makes a will and later dies, | | | | sold with the sale proceeds split between the |
| determining if probate will be required and then | | | | owners according to their respective portions. |
| administering and distributing the estate between | | | | Sometimes, one will simply buy the other out. |
| the deceased’s chosen beneficiaries may be a | | | | However it is becoming increasingly common for |
| difficult enough process. But further complexities | | | | a formal agreement to be reached by the |
| can arise where the deceased remarried or | | | | co-owners regarding their property after their |
| entered into a new relationship after a previous | | | | relationship has broken down. It may be agreed |
| relationship ended. These complications may | | | | that one party is to live in the property for a |
| include life-time agreements regarding property | | | | certain period; or one party is to buy the other |
| which had been previously reached. | | | | out ‘when money becomes available’. |
| Complications with owning property | | | | Agreements such as these can cause major legal |
| Couples often buy property together as | | | | problems when a co-owner of the property later |
| co-owners, either as tenants in common or as | | | | dies and it not clear-cut who owns what and who |
| joint owners. If they own it as ‘joint | | | | is entitled to what proportion of the equity in |
| tenants’, when one of them dies the survivor | | | | home. Sometimes, the intended result financially is |
| will automatically inherit the whole of it. And if | | | | not what will happen according to the law if it |
| they split up the property is divided equally | | | | becomes a contested issue. |
| between them. | | | | If you are an executor of an estate under these |
| If they own it as ‘tenants in common’ | | | | circumstances then you should seek professional |
| each co-owner owns a specific share in the | | | | advice from legal experts. This can save a |
| property. This might be equal or unequal portions | | | | substantial amount of time and money for the |
| depending on how much cash they have | | | | estate and will make the administration of the |
| contributed towards the deposit, mortgage | | | | estate much more straightforward. |
| repayments and so on. In this case when one of | | | | For advice on probate services and any other |
| them dies, only his or her respective proportion | | | | free legal advice check online for more |
| will pass into the estate to be distributed. The | | | | information. |