If you purchase or sell your home or any property, you should review your existing Will. Property owned jointly with another person may be owned as ‘joint tenants’ or ‘tenants in common’ and these will affect how the property will pass on your death. A joint tenancy means that the property will automatically pass to the surviving tenant, regardless of what you state in your Will.
Tenants in common allow you to control who receives your share of the property under the terms of your Will. Any property not expressly dealt with in your Will falls into the residue clause. An incorrect address on your Will will not usually affect its validity. However, it is advised that you update your current address on your Will so that it is the most up-to-date. Similarly, if any other party named in your Will has changed their address, this should be noted.
This is one reason why it is advised that you review your Will regularly, approximately every three years or whenever your circumstances change. If you want to create or amend your Will, contact McElhinney & Associates Solicitors today at (074) 9175989 or email admin@mcelhinneyassociates.com
