With a joint tenancy, the co-owners own 100% of the property simultaneously. And if, for example, a property were to be owned by two joint tenants and one of those owners were to die, the surviving owner would become the sole owner: this is known as the ‘right of survivorship’.
With a joint tenancy, the first-to-die does not have an identifiable share of the property to leave to someone in their will.
For tenants in common, however, each co-owner does have an identifiable share of the equitable interest in the property. This identifiable share does not pass under the ‘right of survivorship’ on death. It is important, therefore, for someone who owns such a share to make a will. The will can set out who is to benefit from the share on death.
Many will trusts make use of the family home being held as tenants in common. Will trusts can help each co-owner arrange how their share will be managed after death.