I would be grateful for any thoughts on the following:
If C and D own a property as beneficial joint tenants then my understanding is that on C’s death: C’s share of the property would pass to D as D is the surviving owner and C’s Will would not impact on the devolution of C’s share in the property.
As such C’s share of the property does not form part of C’s residuary estate.
Are members aware of any legal authority confirming this?
Is it a combination of:
LPA section 34(2) - if the conveyance is in undivided shares then it is a joint tenancy of the equitable interest (ie default joint tenancy in equity for co-owners in absence of express trust upon transfer or later severance).
Admin of Estates Act s1(1) - interests not ceasing on death devolve to PRs, but s3(4) defines a joint tenancy as an interest ceasing on death, so this confirms that it does not devolve to PRs. Therefore, the deceased’s interest in the undivided share is then absorbed by the successor beneficial owner/s of the whole…
Not located any caselaw on this but perhaps it stops there anyway?
Meggary & Wade: The Law of Real Property is useful reading, and discusses joint tenancies and the legal and beneficial rights to them in the chapter on Co-Ownership.
I note the latest edition is available in paperback at under £50 (the cheapest font of essential knowledge around?).
Paul Saunders FCIB TEP
Independent Trust Consultant
Providing support and advice to fellow professionals
Thank your response on this. I really appreciate your time.
Thank you very much for your time in responding – I really appreciate it.