Back to Basics – Dealing with the family home

Where testators own their own house or interest in the house it will usually be their principal asset. Accordingly, testators will be concerned to ensure that their will passes the house in a particular way; this may mean that no special action is required and the house will form part of their residue and be distributed under the terms of the residual gift. However, there will be times when the property will need to be specifically mentioned; either because a particular beneficiary is to receive the property or alternatively where special rights of occupation are to be created to govern the future use of the property.

This paper applies to gifts of UK real property only. Property in other jurisdictions may be governed by other rules of succession and taxation.

Click the link below to start the quiz.