Nick says:

"We often see people who have made a Tenants in Common arrangement without proper advice. Typically, they started-off with a Joint Ownership of a property.  They cut-it in half, become Tenants in Common -  but then leave everything to each other. So the question is: what’s the point of doing that?

In order to understand the problem, let’s get back to the scenario in the previous section... Your partner has his kids, you’ve got your kids, and you originally put-in the same amount when buying your home (50:50) - and you make a Tenants in Common arrangement. Your Will says "when I die give everything to my husband" and your husband says "when I die I give everything to my wife". So you’re back to where you started.

So if your planning is not done correctly, Tenants in Common does nothing for you.

It has to be done correctly.

The fact is that it comes down to planning - and I guess this applies to financial advisers, and mortgage advisers, in fact any kind of advice that you’re getting, you have to do a little bit of research yourself, in order to know whether, or not, like in the previous example, the adviser is sending you up a river without a paddle…."

In the particular case above (from Nick's examples) it was a friend of the family who gave the advice. So again, if you assume your friend knows their stuff, and said friend says, "I’ve got a great idea to protect your value, you should do this or that"; it may not be the best approach to simply listen to them, because it's possible (and most likely) that they don’t know the full facts.

So, the key here is not only getting the right advice, but also getting the right information as to how you implement it.

More detailed answers are, as you may have guessed, in the video…