Severance of Tenancy
Safeguarding Your Property for the Future with a Severance of Tenancy
If you want to ensure that your property passes to the people you choose, or define what percentage you have in a joint ownership, a Severance of Tenancy is what you need.
What is a Severance of Tenancy?
A Severance of Tenancy is a legal process that allows joint property owners to convert their joint tenancy into a tenancy in common.
This means that each owner has a separate share in the property that they can dispose of as they wish. It is often used as an estate planning tool to ensure that each owner’s share of the property passes to their chosen beneficiaries upon their death.
What are the benefits of a Severance of Tenancy?
A Severance of Tenancy offers several benefits. Without severance, if one owner passes away, the property automatically transfers to the surviving owner.
By severing the tenancy, this automatic transfer is avoided, allowing you to protect your share for someone other than your partner. Additionally, when combined with a Property Protection Trust, your choice of beneficiaries remains unaffected even if the joint owner changes their mind.
Furthermore, severance helps safeguard your estate from passing to a new partner in case of your spouse’s remarriage, ensuring your assets go to your intended beneficiaries, such as your children.
Why should you choose1st Line Future Planning to help with your Estate Planning?
Here at 1st Line Future Planning, we believe that every customer deserves to have peace of mind when it comes to arranging their financial affairs.
Affordability and trust are at the core of our values and at 1st Line Future Planning as we aim to deliver a transparent service which provides our customers with the best advice coupled with the best products.
We pride ourselves on our affordable Estate Planning options. Whether it is a simple Will, a Lasting Power of Attorney or a Property Protection Trust, our team of experts will help you every step of the way.
All of our Estate Planning Experts are certified by the Society of Will Writers so you can have peace of mind to ensure that your needs are being met by some of the best in the industry.
What our customers say...
Severance of TenancyFAQ
By severing the tenancy, your share of the property can be protected for someone other than your partner, providing greater control over the distribution of your assets upon your passing.
Yes, it is possible to reverse Severance of Tenancy by mutual agreement.
Severance of Tenancy can be carried out on various types of properties, including residential, commercial, and land.
No, Severance of Tenancy and making a Will are separate legal processes. While Severance of Tenancy protects your share of the property, making a Will allows you to specify how your assets, including the property, should be distributed upon your passing.
Severance of Tenancy does not directly impact your mortgage or other financial obligations associated with the property. It primarily affects the ownership and distribution of the property upon your passing.
Severance of Tenancy may be beneficial for individuals who wish to protect their share of the property for specific beneficiaries.
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