Whilst moving house may not mean any changes need to be made to your Will, you should at least make a note to store with your Will of your change of address. At this time, it may also be beneficial to review your Will, especially if the new property may incur inheritance tax and how this could be minimised through your will. It is essential to seek advice from a professional with specialist legal knowledge surrounding this.
How the property is owned, will affect how it will pass on your death:
If you own a property with someone else as ‘joint tenants’, the property automatically passes to the surviving owner through a term known as “survivorship” regardless of what is stated in your Will.
Tenants in common
If the property is owned with someone else as ‘tenants in common’ each of you owns a share and each can control how their share is passed under the terms of your Will. Also, if one of you needs care, only your share can be used to fund this and the remaining share is protected.
We can help to advise you how your property is held through records at the Land Registry and update your Will if required.
At the same time as reviewing your Will and updating your address, it may also be beneficial to review any parties named in your Will to ensure their addresses are all up-to-date. You may want to consider whether a property trust may be right for you or if you intend to gift a property, it is essential you take legal advice to ensure that your Will accurately reflects your wishes and that they can be carried out as smoothly as possible.
If you would like to review your current Will, make a new Will or discuss if changes need to be made, please call our team on 01926 354704.