Severance of Joint Tenancy
Most people purchase their property jointly, therefore if one partner dies, the other automatically owns 100% of the property. By severing the tenancy and owning as Tenants in Common, usually 50/50 you can then dictate what happens to your share in your Will.
Ownership as Tenants in Common enables you to ensure that your children are not disinherited after your death. For example, if your spouse remarries in the future, your children will not lose out.
The below example shows how a Severance of Tenancy would work. When Mr dies his share would go in to Trust to protect at least a half share for the children, there would be a Life Interest in the property for Mrs to live there as long as she wishes or until she dies. Providing both Mr and Mrs leave the house to their children, the children will receive the property on second death.
Severing the Tenancy has no adverse effect on either your ownership or a mortgage.