A home made will is one prepared by the willmaker themselves, perhaps using a “will kit” and without without the services of a lawyer and the benefit of individual legal advice. This may seem an economical and convenient approach to will-making. While a lawyer’s costs are avoided at this step, there is the potential is …
tenants in common
Joint tenancy and tenancy in common are ways of co-owning property with others. Inheritance is independent of a will with one, but not under the other.
Disposing property by will, in the will-making process requires considerations to be given to what you own in your individual name, as opposed to what you might control, see further below. As only property owned in a personal or individual name can form a deceased estate, it is only this which can be transferred by will, (or the rules of intestacy).
Among the first considerations in making a will is considering what we own. Only property owned personally can form a deceased estate and be disposed of by will, but it is easy to overlook that property thought of as ‘ours’, is legally in another name. It pays to check who owns what, that which is not in your own name, is not yours to give by will.