Joint ownership of family home

[mikethediyman]

"Tenants in common" is a term I have just discovered in a tiktok video recently from the UK but wondered if it's possible to change from "Joint" ownership of our paid for family home to "Tenants in common" in Ireland or maybe something similar in Irish law ? There appears to be a big advantage when it comes to inheritance and if you are being assessed for the "Fair Deal" scheme

 

[ClubMan]

Who are you referring to here?
Married couple?
Cohabiting couple?
Strangers (in law)?

If it's a married couple then you could arrange to get both spouses' names on the deeds.
But I'm not sure if that's absolutely necessary given the statutory protections in this context:

Family Home and Family Law Acts

www.tailte.ie

However, it might still be a good idea to do this away. For example, when my mother died having been predeceased 20 years previously by my father and the family home had remained in his name all that time it was hassle and expense to deal with this before her probate could be completed.

What specific Fair Deal rules are you thinking of here?

 

[Protocol]

"Tenants in common" is a term I have just discovered in a tiktok video recently from the UK but wondered if it's possible to change from "Joint" ownership of our paid for family home to "Tenants in common" in Ireland or maybe something similar in Irish law ? There appears to be a big advantage when it comes to inheritance and if you are being assessed for the "Fair Deal" scheme

This may help:

Nature of Co-Ownership - Irish Legal Guide

Nature of Co-Ownership Co-ownership arises when more than one person owns the same estate, interest or title in land. Together, the co-owners own the estate in land collectively. There are two principal forms of co-ownership, namely joint tenancy and tenancy in common. In this context, the use...

legalguide.ie

The Difference Between Joint Tenants and Tenants in Common - Mullins & Treacy LLP Solicitors

If you buy a property with someone else, you need to decide whether you want to buy as joint tenants or as tenants in common. There are key differences

mullinstreacy.ie

 

[mikethediyman]

Who are you referring to here?
Married couple?
Cohabiting couple?
Strangers (in law)?

If it's a married couple then you could arrange to get both spouses' names on the deeds.
But I'm not sure if that's absolutely necessary given the statutory
However, it might still be a good idea to do this away. For example, when my mother died having been predeceased 20 years previously by my father and the family home had remained in his name all that time it was hassle and expense to deal with this before her probate could be completed.

What specific Fair Deal rules are you thinking of here?

Thanks for your reply Clubman

It can be any couple who are living together in same family home

It's all about estate planning and inheritance So having separate Bank accounts and separate savings and investments and having the home owned as tenants in common means more of your assets can be passed on to your children for example and kept safe from the hands of the Council or whoever is supplying funding for your Care home if you are having to spend the last years of your life in one of these places

 

[ClubMan]

It's all about estate planning and inheritance So having separate Bank accounts and separate savings and investments and having the home owned as tenants in common means more of your assets can be passed on to your children for example and kept safe from the hands of the Council or whoever is supplying funding for your Care home if you are having to spend the last years of your life in one of these places

I'm still confused.
What specific cases of the above are you referring to?
It sounds very vague and possibly misguided?

On a separate note, why shouldn't those who can afford it pay for/towards care in their old age?

 

[mikethediyman]

Sorry that you are confused we are just looking for ways to ensure our children inherit as much as possible of our estate when we pass.

I am all for those who can afford it to pay for their own Care home fees but of course I'm talking about those who don't have the savings and big pensions - who I would think make up quite a high per cent age of Senior Citizens

 

[Marsupial]

I'm still confused.
What specific cases of the above are you referring to?
It sounds very vague and possibly misguided?

On a separate note, why shouldn't those who can afford it pay for/towards care in their old age?

Because, for many Johnny Freeloaders, the State "owes" their elderly parents free board and keep in a nursing home; which, by a remarkable coincidence, enables them to inherit more parental loot!

 

[ClubMan]

Sorry that you are confused we are just looking for ways to ensure our children inherit as much as possible of our estate when we pass.

Fair enough, but how exactly will having the property in joint names help on this front? (There may still be good reasons to effect this as I've mentioned previously).

I am all for those who can afford it to pay for their own Care home fees but of course I'm talking about those who don't have the savings and big pensions - who I would think make up quite a high per cent age of Senior Citizens

That's why the Fair Deal financial assessment has generous exemptions on certain assets:

Financial assessment: How much you pay towards care

Find out how how the Fair Deal financial assessment works and how we calculate your payments towards nursing home care.

www2.hse.ie

 

[mikethediyman]

I'm suggesting NOT being "Joint owners" but being " Tenants in common" so if one partner passes then their assets can go to their children for example
Maybe if you care to listen to the video I refer to if you have access to TikTok search for - ginastanton66
Inheritance Reduced by Care Home Costs

 

[jpd]

A spouse has a legal right to a one third share of dead spouses estate where there are children, so all of the estate of the deceased may not be bequeathed to the children, unless the spouse disclaims his/her share

It is complicated - you need to be very clear what you are trying to achieve

 

[MHoran379]

There's no difference for the fair deal for a couple if you own as tenant in common or joint tenant. Even if one person owns as sole owner it will be jointly assessed, this set out in the Nursing Home support act.

Also i wouldnt rely on tik toc for legal advice, there are forced heirship laws in Ireland which mean a spouse has a right regardless of tenants in common/joint tenancy and a right to appropriate the family home.

 

[mikethediyman]

Thanks so much to all who responded to my thread
I have lots of valuable information to read through from the links and advice supplied above

Please consider this thread closed