The manner in which property and land are owned is critical. For many of our clients the house or houses they own constitute the largest proportion of their wealth. It is really important because of this that the Will deals with this property and land correctly. Although the house is a large proportion of the estate we often do not understand how the house (and any other properties or other assets) may be owned.
Most couples own their property as “Joint Tenants” which means that on the death of one of them, the property passes to the survivor automatically. It will not pass according to your Will. This is similar to how most ‘joint’ bank accounts and other jointly owned assets are held.
This would then put the assets at risk from potential creditors in the hands of the survivor, especially if the survivor requires long term care at any time in the future.