Declaration of Trusts

At Wills, Probate and Trusts, our legal practitioners in Weybridge provide dedicated services to clients in Woking, Chertsey and the surrounding Surrey area. We specialise in the drafting of Declarations of Trust. This is a legally binding document recording the financial arrangements of joint property owners with each individual holding an equal share. Before selling a property, each of the joint owners must consent to the sale.

A second feature of a Declaration of Trusts is the Right of Survivorship. If a joint owner dies, the opposite share transfers to the surviving individual irrespective of any wishes expressed in wills. Many married property owners in the surrounding local area, including Walton-on-Thames, use this legal joint tenant agreement in the understanding that it supersedes any wills made.

Changes to the arrangement can be made at a later stage by severing the joint tenancy and creating a Tenancy in Common. Both parties hold separate and identifiable shares in the property. The shares do not have to be evenly distributed. If one of the Tenants in Common dies, their share passes to a beneficiary named within the terms of a will or in compliance with the Rules of Intestacy. At Wills, Probate and Trust, we strongly recommend that joint property owners in the Weybridge, Woking and Surrey areas establish their respective shares at the earliest opportunity by way of a declaration of trust document.

Joint property owners retain the freedom to determine the percentage of proceeds realised in the event of a property sale. If the respective interest of a joint owner isn't specified, law determines that each individual holds an equal share at the time of purchase. Call or visit us for the arrangement of a Declaration of Trusts.