Estate Planning: Wills, Inheritance & Shared Ownership Basics

If you own a home or are thinking about buying one, you should have a plan for what happens to it after you’re gone. Estate planning isn’t just for the ultra‑rich – it’s a set of everyday steps that keep your family from stress and costly court battles.

First, write a clear will. A solid will says who gets the house, who pays the mortgage, and who can stay in the property. Even if you think you’ll never need it, a simple document saved on a USB stick or in a secure online vault can save your loved ones hours of paperwork.

Understanding Wills and Spousal Rights

Many people wonder whether a husband can leave his wife out of a will, especially when the home is a shared‑ownership property. In the UK, spouses have strong inheritance rights. Even if the will says otherwise, the surviving partner can usually claim a portion of the estate, known as the "statutory legacy." This protects against surprise exclusions.

To avoid disputes, talk openly with your partner about your wishes. If you own a share‑owned home, make sure the lease or share agreement names who can inherit the share. Some schemes require the buyer’s spouse to be listed as a co‑owner or give them first‑right of purchase.

When you draft your will, include:

• The exact address of the property.
• Whether the mortgage stays with the surviving partner or gets paid off.
• Any conditions for selling or transferring the share.

Getting a solicitor to review the will costs a few hundred pounds, but it prevents bigger expenses later.

Shared Ownership and Your Estate

Shared ownership homes are a great way to get on the property ladder, but they add a layer of complexity to estate planning. Your share is an asset, just like a savings account, and it belongs to you unless you sell it or pass it on.

If you die, the housing association usually has a right of first refusal. They can buy your share at the market price, or your heirs can buy it if they meet the eligibility criteria. Check the agreement for the "right of first refusal" clause and keep a copy handy.

Here are three quick tips for shared‑ownership owners:

1. Keep records up to date. Store the lease, mortgage statements and any letters from the housing association in one place.
2. Tell your executor. Let the person handling your estate know you own a share‑owned home and where the paperwork is.
3. Consider insurance. Some policies cover the cost of buying out a share if you pass away unexpectedly.

Finally, think about life insurance. A modest policy can provide the cash needed for your family to keep the house or pay off the mortgage without selling other assets.

Estate planning is about choices – who gets what, how quickly things happen, and how much hassle your family faces. Start with a simple will, check the rules for shared ownership, and talk openly with anyone who might be affected. A few minutes now saves a lot of headaches later.