Problem – Should I Put My House in Joint Names with My Spouse or Leave It in My Will?

Question:

Dear Elaine,

I inherited my home from my mother over 25 years ago. The house is in my name only but it has been suggested that I put the house into the joint names of myself and my husband. What are the benefits of doing this and can I not just put it in my Will that I want my husband to take the house? Are there any tax consequences of putting the house into the joint names of myself and my husband?

S

Answer:

If you place your house into the joint names of yourself and your husband and you register your ownership as joint tenants, there is a right of survivorship. This is very important as if you pass away before your husband, the house automatically transfers to your husband. If however you were to pass away with the house in your sole name and simply Will the house to your husband, it would be necessary for your executors to apply to the Probate Office for a Grant of Probate. A Grant of Probate can be expensive to obtain and can take anything from 6 months to a year depending on Probate Office delays.

It is without a doubt more straightforward to place the house into joint names before you pass away. It is a relatively simple and inexpensive task. There is no tax payable between a married couple. Your local solicitor can assist you or you can visit tailte.ie for more information.