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When a Will review was needed for Steve and Jane

The challenge

Steve and Jane have been married for 45 years and have two children; Carol and Simon. They own property as beneficial joint tenants and each have investments totaling £180,000 with their financial planner.

They have a simple Will leaving everything to each other with a gift over to the children. Alan was the primary carer for Pearl who was diagnosed with Parkinson’s several years ago.

Carol and Simon have registered a Lasting Power of Attorney for Health & Welfare and Property & Finances for their Mother. However, Steve was recently diagnosed with liver cancer and has been given less than six months to live. Both Steve and Jane are now being forced into a local Residential Care Home.

The solution

We were asked to review the Wills and recommended a Unilateral Severance of Tenancy which is constructed under s.36 (2) of the Law of Property Act 1925. Essentially, this facilitates the removal of 50% of the equitable ownership of the property from passing by survivorship to Jane and being exposed to Care Costs.

The results

Within the framework of the revised Will, we included a Discretionary Trust of Residue so that the heirs to the estate have further protection from losing their own inheritance to third party threats such as care costs, sideways disinheritance and divorce lawyers.

Case Studies

When a Will review was needed for Steve and Jane

Steve and Jane have been married for 45 years and have two children; Carol and Simon. They own property as beneficial joint tenants and each have investments totaling £180,000 with their financial planner.

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John and Jill have three adult children; Leo, Joey and Charlie. Leo is recently separated and is starting the divorce process. He is living in rented accommodation and is planning to purchase a property again once the divorce is finalised.

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