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property and no will

property and no will

Postby jantra » Tue Jul 25, 2017 9:47 am

a person has no will, no spouse and only one surviving child. They own property with a business partner (not sure if tenants in common or joint tenants). How is that property treated - does it form part of the estate or will it pass to the business partner?
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Re: property and no will

Postby atticus » Tue Jul 25, 2017 10:50 am

If joint tenant, interest passes to co owner on death.

If tenants in common, interest goes into estate on death.

If a joint tenancy, this should be severed asap.
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Re: property and no will

Postby jantra » Tue Jul 25, 2017 11:46 am

Thank you
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Re: property and no will

Postby dls » Wed Jul 26, 2017 8:45 am

The partners really do need to sort out the ownership of the property - to agree what happens.

The legal estate will be held as joint tenants, but by default (check!) teh beneficial ownership in a business context should be a tenancy in common. That being so, succession arrangements need to be concluded.
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Re: property and no will

Postby theycantdothat » Wed Jul 26, 2017 11:52 am

dls wrote:... beneficial ownership in a business context should be a tenancy in common.


Indeed, the law assumes that to be the case. For those who like Latin tags: Jus accrescendi inter mercatores locum non habet = "The right of survivorship has no place between merchants", or in terms applicable to current Englsh law = "Business partners do not hold property as joint tenants".

Even so, it is only an assumption and can be rebutted. Wherever an assumption can be rebutted it is always best to state what is intended as, even if the assumption will apply, you stop any argument that it does not.
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