This week’s article is the first in a series detailing strategies a Will-maker can adopt to reduce the likelihood of (or perhaps entirely prevent) a challenge being made to their estate.
Sadly, there are often disputes over the distribution of a person’s estate.
This is particularly the case where the Will-maker’s family involves a second marriage and the interests of a second spouse, biological children and stepchildren.
Owning land as a “joint tenant” can be a useful estate planning tool available to Will-makers to reduce the impact of any possible challenge.
Jointly owned land does not form part of the estate of the first joint owner to pass away. The deceased owner’s share simply automatically passes to the other surviving owner(s) and is not exposed to challenge.
There is no stamp duty payable on a transaction which transfers from one spouse to the other, an interest in residential land if, after the transfer, the land will be owned as joint tenants and will be their principal residence.