Did you make an exciting change over the Christmas and / or New Year period? If so, it’s important to consider how relationships affect your Will.
Perhaps your loved one surprised you with a proposal and you are now planning a wedding? Or you may have had a sparkly, white Christmas wedding and be thinking about jetting off somewhere warm to celebrate? You may have become a new parent with a Christmas or New Year Baby? Congratulations !!!
You may have just moved into a new home, or made a decision to move in together, or even decided to sell and move on early in the New Year.
Or maybe, like several others, you have had different thoughts and decided not to continue your current relationship. It does happen for many at this time of year as we reflect on how the year has been or we spend time in a less than happy environment.
If any of these are changes you’ve decided to make, then it’s important to know how your status or relationships affect your Will and make plans to get it amended – or make one for the first time. You can read a detailed article about this subject from The Society of Will Writers here. But we have also simplified it for you below …
Getting married?
When you get married, or enter into a civil partnership, any Will you have already made is revoked. If you don’t make a new Will:
- The law, and not you, will decide where your estate goes if you die.
- Your new partner will inherit much of your estate. So any children from a previous relationship may not be protected, and it could mean your partner’s own children eventually inherit your assets instead.
- Any prior provisions you had made about property or for friends, family or children (including guardians) are no longer in place.
Make a new Will and ensure peace of mind for your future is secured.
New home?
- Did you know that over 40% of homeowners don’t have a Will? That means the law, not you, decides what happens if you die.
- You may wish your partner to stay in your home. Unless you make provision in your Will, that might not happen, especially if you aren’t married.
- If you die and pass your home to your partner, what happens if they remarry or need care? You may wish to protect your share for your children.
- Do you understand how you legally own your home? If not, you should – so you understand how the law affects those you care for.
Protect your property for the future in a Will
New baby?
- Have you appointed a Legal Guardian for your children in your Will?
- Have you considered what financial provisions are needed for your children?
- Do you have children but aren’t married, and have you detailed your wishes?
- Do you have children from different relationships and want to ensure your children are protected?
- Do you have plans in place if you’re with someone other than the parent of your children?
- Do you understand how your estate will be divided up if you haven’t made a Will?
- If you have grandchildren who are specifically named in your Will, have you updated it to include this wonderful new addition to your family?
If the answer to any of these questions is “No”, you should make or update your Will.
Moving in together?
The law favours married couples!
There’s no other way to say it. Our current laws give special privileges to the traditional “family” when it comes to Wills and inheritance. Those who choose to live together but not marry, or enter into a civil partnership, are not protected in the same way. No matter how long they have been together.
Did you know?
- Your partner is entitled to much of your estate if you die without a Will. But only if you are married or in a civil partnership. If not, they are not legally entitled to anything other than some jointly owned homes and assets. If you have any children, they would inherit ahead of your partner.
- Assets you leave to your partner are exempt from Inheritance Tax. But only if you are married or in a civil partnership. If not, your estate could face a tax bill of 40% and leave your partner with a huge financial burden.
- Your partner is entitled to sort out your affairs if you die without a Will. But only if you are married or in a civil partnership. If not. they have no rights and their wishes could be ignored.
If you are living together the only way to provide automatic rights to your partner is by making your wishes clear and ensuring you know how relationships affect your Will
Separation or Divorce?
It’s an emotional time for you, and you may not think about your Will with everything going on. However, you should make sure you know what the law says if anything should happen to you before and after your divorce is complete. If you’ve separated, but not yet formally divorced, your spouse or civil partner is still entitled to your estate if you don’t have a Will, and if you do, they will still inherit according to that document. Once your divorce is formalised, any Will you had previously made is still valid, but your spouse is no longer entitled to any inheritance. But you should make sure you know who is!
Here are some of the things you should consider at this time.
Nothing changes in law until you are formally divorced (decree absolute is granted). So if anything happens to you prior to that, here’s what will happen:
- If you have no Will, the law states that your spouse is entitled to most of your estate.
- If you have a Will, your spouse will still benefit if you left them property /assets.
Once the decree absolute is granted, your spouse is no longer entitled to anything in your estate, regardless of what your Will states.
- But what if they were the sole or main beneficiary? Your remaining assets could be divided according to the law, or go to children too young for the responsibility.
- And what if your Executors are no longer those of your choice?
Make a new Will to reflect your new wishes or the law will decide for you ….
How can Morecambe Bay Wills help you?
We are always surprised how little some of our clients know about how relationships affect your Will. If you, or any of your family, have recently made changes to your life or circumstances, review your Will to see what may need changing.
We offer a FREE Will Review service if you’d like us to take a look at what you have in place and what, if anything, needs to change. And we also offer a FREE 30-minute consultation if you’d just like to get some advice on whether any of these life events need reflecting in your Will, or on how you can go about making one! These services are simply friendly, no obligation chats. And you then choose if you would like our help in protecting you and your family – whatever the changes are that you’ve made.
Put “Update my Will” on your list for 2023 and see how easy we can make it for you. Call us on 01524 571032, email us at info@moreambebaywills.co.uk or ask for any of our free guides https://www.morecambebaywills.co.uk/contact-request-info/. We’d love to help ensure you know how relationships affect your Will !!!