How being Tenants in Common helps your beneficiaries
If you die first under Joint Tenancy your spouse will inherit your property. They may fully intend to ultimately pass the whole estate onto your children, but if they remarry and are the first to die in the new relationship, their new partner inherits it all unless a Will stipulates otherwise.
Joint tenancy can also mean that virtually the whole of your property can be set against either partner’s care fees before the local authority offers help.
In conjunction with your Will
and / or a Discretionary Trust
, owning your property as Tenants in Common can help stop both of these problems, as well as save higher inheritance tax bills for your beneficiaries if you are an unmarried couple.