It is estimated that 54% of people in the UK do not have a Will and of those who do, many do not know the affect getting married will have on what they have chosen to leave to their loved ones.
Many do not wish to think or plan for their death, especially during the excitement of a new marriage, however it is important at these times to ensure your Will is up to date.
When a person gets married, a Will they may have previously written will be automatically revoked and is no longer valid. This means that unless a new one is drawn up, if the unfortunate should happen, a person’s assets will be left to the laws of intestacy.
The rules of intestacy mean that the property (the person’s estate) is shared out according to certain rules, where a spouse, civil partner or close relatives are the first to inherit what remains in the estate.
If a person wishes to leave all their belongings and estate to their new spouse this is not as much of a worry, the troubles come if a person wishes to leave the estate to children, other family members or friends or even charity.
If a couple are still married at the time of death, the surviving spouse may inherit the majority of the estate even if they were officially separated at the time of death. Under the rules the surviving spouse will inherit all personal property and belongings, the first £270,000 of the estate and then half of the remaining estate. This could see children see nothing by way of an inheritance.
If a person dies after the death of their spouse, any Will made prior to the marriage will have been made invalid and their estate again will be left to the rules of intestacy. This could see the estate going to the nearest living relatives, something the deceased may not have wanted.
In the event of a marriage it is important that a Will is reviewed, and any changes made to ensure that your wishes are complied with.
If you would like to speak to one of our Wills and Probate experts ring us on 0203 488 3997 or email us at info@ashtongrace.