joint tenancy

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joint tenancy

Ownership of property by two or more persons in which, upon the death of one, his interest devolves upon the other or others until a sole owner survives.
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When a married couple die together, by law the younger partner is considered to have survived the elder, so unless you stipulate otherwise, all your joint estate will go to the younger partner's relatives.
But the catch remains that if the surviving spouse inherits all of the joint estate and he or she needs to go into a care home prior to their death then the whole of the joint estate will be available to pay for accommodation charges which may ultimately leave very little for the children in the way of inheritance.
With property prices near an all-time high, a large number of married couples now have a joint estate worth well in excess of the current inheritance tax threshold.
For details contact estate agent Michael Graham Young in Cardiff Bay on 02920 465466 or joint estate agents Watts and Morgan, Cowbridge on 01446 773500.
After your deaths, your executor will be called on to present a set of accounts if the value of your joint estates appears to be near or above the inheritance tax threshold.
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