I hold all my estate in my wife's and my own joint names as joint tenants. This is so that when I die, which I think is likely to be before my wife, she can receive everything without needing to get a grant of probate to put the assets into her name. However, in order for her to also receive my inheritance tax (IHT) allowances and increase her IHT allowance up to a value of £1mn on her death, will a grant of probate to my estate be needed or should other procedures be followed?
AF
Alistair Robertson-Göpffarth, lifestyle and estate planning associate solicitor at Irwin Mitchell, says:
Assuming that all your assets are within the UK, you can own property, either in your sole name or jointly, with one or more co-owners. When you own assets jointly, there is an important distinction in whether they are held as joint tenant or as tenants in common.