Declaration of Trust for Property Ownership

A Declaration of Trust is a crucial legal document that records the terms on which a beneficial interest in a property is held. At Onions & Davies Solicitors, we understand the importance of having a clear and comprehensive Declaration of Trust to protect your property rights and provide evidence of the terms of your property ownership. Our experienced solicitors specialise in creating Declarations of Trust tailored to your specific needs and circumstances.

Tenants in Common and Joint Tenants

When it comes to property ownership, there are two common forms: Tenants in Common and Joint Tenants. Understanding the differences between these two arrangements is essential in establishing the appropriate Declaration of Trust.

Tenants in Common: Under a Tenancy in Common arrangement, each co-owner holds a distinct and separate share of the property. These shares can be equal or unequal, depending on the parties’ agreement. In the event of a co-owner’s death, their share passes according to their will or the rules of intestacy. A Declaration of Trust for Tenants in Common specifies each co-owner’s share and any specific provisions related to the property’s use or division.

Joint Tenants: Joint Tenancy is another form of property ownership where co-owners have an undivided interest in the entire property. Each joint tenant has an equal share, and in the event of a co-owner’s death, their share automatically passes to the surviving joint tenant(s) by the right of survivorship. A Declaration of Trust for Joint Tenants may include provisions related to occupancy, contributions, or division of the property.

Get in touch with our specialist family law team at sols@onionsanddavies.co.uk for compassionate guidance and tailored legal solutions for making financial arrangements– we are here to support you every step of the way.

Severance of a Joint Tenancy

If you hold a property as joint tenants, it is a simple process to change this to tenants in common if you wish to do so. Either one of you can sever the joint tenancy by giving written notice to the other. The property is then held by both of you as tenants in common, and each of your separate shares can then be left by Will. When you sever a joint tenancy, you should also consider whether you need to update your will at the same time.

At Onions & Davies, we have many years’ experience of advising people as to the best way in which they should hold their property. Sometimes, you may wish to change the way you own your property when you separate from your co-owner, and we can advise you about your options and how best to change your financial arrangements.

What is a Declaration of Trust?

A Declaration of Trust is a legally binding document that outlines the ownership and distribution of a property’s beneficial interests. It serves as evidence of the agreement between co-owners and clarifies their respective rights, obligations, and shares in the property. This document is particularly relevant for individuals who wish to establish clear ownership arrangements and protect their interests in the event of future disputes or changes in circumstances.

Declaration of Trust Solicitors

At Onions & Davies, our dedicated team of solicitors has extensive experience in drafting and reviewing Declarations of Trust for property ownership. We will work closely with you to understand your unique circumstances and goals, providing tailored legal advice and guidance throughout the process. Our services include:

Comprehensive Legal Advice: Our solicitors will explain the implications of different types of property ownership (Tenants in Common and Joint Tenants) and help you determine the most suitable arrangement based on your circumstances. We will ensure that your Declaration of Trust accurately reflects your intentions and protects your interests.
Drafting and Reviewing Declarations of Trust: We will draft or review your Declaration of Trust to ensure it aligns with your specific requirements. Our meticulous approach ensures that the document serves as robust evidence of the agreement and provides clarity on the ownership and distribution of beneficial interests.
Customised Clauses: Beyond ensuring that each document includes all key pieces of information, a well-drafted Declaration of Trust can include a range of specific clauses that are tailored to your circumstances and, address potential scenarios and provide clarity on how the property ownership should be managed. Whether it is related to the property’s use, division, or contributions, we will work with you to create a document that reflects your intentions.

Ensure Clear Property Ownership

At Onions & Davies Solicitors, we understand the importance of having a well-crafted Declaration of Trust to protect your property interests and provide evidence of your agreement. Our experienced solicitors will guide you through the process, ensuring that your Declaration of Trust accurately reflects your intentions and safeguards your interests.

Solicitors for Declaration of Trust Near Me

Onions & Davies is an established law firm providing specialist, professional legal advice to individuals and families in Shropshire, Staffordshire, Cheshire, Worcestershire, Birmingham, and the Black Country and beyond. From our main office in Market Drayton, our solicitors support clients across various locations, including the towns and surrounding villages of Telford, Shrewsbury, Crewe, Nantwich, Stoke on Trent, Newcastle Under Lyme, Whitchurch, and Newport.

Solicitors for Severing a Joint Tenancy

You can contact the team at sols@onionsanddavies.co.uk  or 01630 652405.

Contact Us

91 Cheshire Street, Market Drayton, Shropshire TF9 3AF | Email us | Call us 01630 652 405

© 2018 Onions & Davies. Onions & Davies Solicitors is the trading name of Onions & Davies Ltd, Company Reg. No. 8322297, Registered Office address: 91 Cheshire Street, Market Drayton, Shropshire, TF9 3AF. Onions & Davies is authorised and regulated by the Solicitors Regulation Authority (SRA ID Number: 607617)