Essex is renowned for having close knit families and tight communities and we know there is a selfless trait to a lot of our people.
We know preparing your estate can be challenging emotionally because there is so much to consider including who benefits from your estate.
Arguably, the most valuable asset of your estate will be your property. The family home holds treasured, precious memories and you may want to bequeath it in your Will.
However, deciding who you pass your property onto can be difficult. You need to consider who would be the beneficiary or beneficiaries, why that person would be the beneficiary and how you would like them to receive that inheritance.
How do I include property in my Will?
Whether your property is in Leigh-on-Sea or Canvey Island, Southend-on-Sea or Hornchurch, you must understand the different ownership structures when including this in your Will.
There are things to consider depending on how you own your property.
If you own your property outright, you just need to confirm in your Will who the beneficiaries are.
With a mortgage ownership, you can pass the property on to a beneficiary, but they would inherit the mortgage itself so would need to assess the situation.
There are also things to consider if you share ownership of a property. If your ownership structure is a tenants in common agreement, you can leave your share of the property in your Will, and your beneficiary would control that share.
If you are in a joint tenancy agreement, your share of the property will pass to the other joint tenant automatically.
Understanding this will help you write your Will and decide whether you can pass on your property or not.
Are there certain requests I can make?
In your Will, there are certain requests you can make to ensure your wishes are met. This is where a specific bequest and reversionary bequest come into play.
A specific bequest is when you assign a particular asset, for example your home or property to a designated beneficiary.
Whereas a reversionary bequest is slightly different and is more appropriate if you have children.
It’s a form of legacy in a Will in which you can leave the property to your partner for their lifetime, but with a condition that the property passes to your children once your partner passes away.
Both specific and reversionary requests could represent viable options particularly if you want your children or grandchildren to take their first steps on the property ladder.
The housing market is largely unstable at the moment and with an average price for a house in Essex costing around the £422,500. Bequeathing property could be a really good stepping stone for younger members of your family to get them onto the property ladder.
How do I leave my property to my children or grandchildren?
Given the value of family to the people of Essex, naturally, most beneficiaries will either be children or grandchildren.
If your children or grandchildren are over 18, they are classed as an adult and can just be named as a beneficiary in your Will.
However, if your children or grandchildren are under the age of 18, you must put your property into a trust as they cannot inherit property until they reach adult age.
Your shares are transferred into that trust with a trustee of your choice appointed to protect the assets until your children or grandchildren can claim their inheritance.
There are a variety of trusts you can set up but you should understand the different tax implications depending on your choice of trust.
Who can I speak with about property in Wills?
The best approach to understanding how to include property in your Will is to seek legal advice and speak to Wills experts who can advise and support you.
They will help you understand your ownership position, the best approach to bequeathing your property and advise you on what things mean for yourself and your beneficiaries.
At Palmers, we strive every day to provide outstanding legal advice and support for the amazing communities that make up our thriving county.
We want to help you prepare for the future and property within your Will is a hugely important element within that. Is your property included in your Will? Are the details correct? Speak to our team today to make sure your Will is in order.