Monthly Archives: May 2014

Asset Protection – The Family Home

As stupid as it may sound – most people don’t know how they own their home! Yes, they know that they own it outright (i.e. it has no mortgage on it) or they are buying it with the help of a mortgage. They also usually know whose name(s) is/are on the mortgage. But, importantly most don’t know that there are in law the following forms of ownership which can make considerable differences to how the value of the property is assessed for different circumstances. The forms of ownership are: 1. sole, where there is one person named as the owner; 2. joint tenants, where there is more than one person named as owners and 3. tenants in common, where there is also more than one person named as owners. So, what’s the difference? Continue reading