Two months ago, the much needed good news of the Stamp Duty Land Tax (SDLT) holiday was announced which is in place until 31st March 2021. Given the doom and gloom of the pandemic, this has certainly been welcome news. In fact, the stats so far echoes with house prices recently having surged at the fastest rate since 2004! No doubt, this has paved the way for individuals buying their first property, a holiday home, a pied-à-tere or even an investment property. Whatever type of purchase you have already made or thinking of making, it will inevitably make an impact on your estate planning which may require you to take action.
Sole name property purchases
If you have or are purchasing a property in your sole name then it is essential you have a Will in place to dictate who the property passes to (along with your other assets) when you are no longer around. If you pass away without one, the rigid rules prescribed by the state (known as the Rules of Intestacy) will, instead, dictate the individual(s) your assets go to – which you may completely disagree with.
Jointly purchasing a property
If you are purchasing a property with friends or business partners and you have financially contributed more, it is vital that you document this in order to protect your rightful share in the property. The share is referred to as the beneficial interest which forms part of your estate and therefore free to decide who you wish for this to pass on to on death.
Another common scenario where the protection of a Will covers parents buying or contributing considerably towards a property for a child whose partner (who you may not be too keen on) will also live in the property. If this is in the form of a gift, then it is worth officially documenting it as such.
Jointly purchasing a property with a second spouse
You may be buying a property with a partner/spouse where you each have children from previous relationships/marriages. In this scenario, it is vital to have a Will as you can easily end up with the undesired outcome of the children of the deceased spouse being left with nothing! On the other hand with a Will in place, we can help you ensure that in the event of either spouse passing away, the children, as well as the surviving spouse, are all sufficiently provided for with the assets divided in a fair manner.
Whichever option is applicable to you, be sure to secure your prized asset with an all-important Will. With the significant savings of the SDLT, you will sure to be quids in. Call our team on 020 7833 4433 for a consultation to see how we can help you.