Becoming a first time buyer is exciting, scary, sometimes stressful and thought provoking. At this point in your life you begin to feel like a “True adult”, as the responsibility now falls on you and your partner (if you are buying together) to pay the mortgage. A mortgage will normally be the largest amount of debt you owe in your lifetime and your property is generally the largest monetary assets you will own.
The question has to be asked, what happens if you unexpectedly pass away?
The most common answer I receive when I ask this question is, “I don’t plan on dying anytime soon”, News Flash, no one does but it doesn’t stop it happening.
With or without a Will in place, your first port of call is the title deed of your property. Is the title held jointly or as tenants in common? If the title is held jointly then the property will pass directly to the joint owner, this will happen whether you have a Will or not. Which sounds great but doesn’t protect against bloodline erosion or give other dependents the right to live in the property.
Tenants in common effectively splits the property in half, normally each person owning a 50% share, but shares can be weighted differently E.g 60%/40%. Further to this, the property cannot be sold without the other persons permission. Even tenants in common cannot protect against bloodline erosion or a dependents right to occupy without a Will because the rules of intestacy will apply.
A Will can help first time buyers ensure that their highly prized asset doesn’t fall into the wrong hands if the worst was to happen. If a Will is written correctly, you can ensure your wishes are followed, your bloodline is protected, and you can set a Will to allow your dependents the right to occupy. You may have an idea of whom you would like your assets to be passed on too, however, if it is not written in a valid Will the chances are they won’t. If you’re a first time buyer you are already looking ahead and a Will should definitely be a part of your buying process. If you have any questions or queries, please refer to our website www.bluecoatwills.comor call us on 01273 839533, we will be happy to help.
Bluecoat Wills and Trusts helps families create their legacy using Wills, Trusts, Lasting Powers of Attorney's, Wealth Flow, Funeral Plans in Sussex and Surrey, including Shoreham and Worthing.
This is not financial advise.