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Wills: Life Interest in a property

In England and Wales, a life interest in a property means a person (the life tenant) has the right to live in or receive income from the property during their lifetime, but upon their death, the property passes to the beneficiaries of the residuary estate as outlined in the Will, not the life tenant's.

In an adeus will, a life interest allows a surviving Legal Partner (spouse or civil partner) to live in or benefit from a property for their lifetime, but ensures that the property ultimately passes to your chosen beneficiaries (often your children) upon the life tenant's death. 

Important: The property must be solely owned by you, or by you and your Legal Partner if they are the only other Tenant in Common. It cannot be held as a Joint Tenant, or if the Tenant in Common is anyone other than your Legal Partner. You also cannot leave Life Interest to a common law partner, or other individual in an adeus Will. Leaving Life Interest in these scenarios is possible, but requires the advice of a solicitor or certified will writer due to complexity, and the importance of considering your individual circumstances. We can introduce you to one of our partners to assist, simply email us at hello@adeus.life and we'll make the intro.




 

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