Love is in the air, wedding bells are ringing, and you're planning your happily ever after. But amidst the whirlwind of cake tastings and guest list wrangling, there's one crucial detail often overlooked: the impact of marriage on your will.
Yes, that joyous "I do" comes with legal implications and your existing will might not take kindly to your newfound marital bliss. Let's use this blog to explore the different scenarios below:
I'm engaged and I haven't written my Will yet
If you don't have a Will in place when you die, then the law will dictate who inherits your estate. This century-old law does not recognise co-habitees and therefore your partner will not be entitled to inherit anything from your estate whilst you are unmarried. This means that your partner may find themselves in a very difficult spot where they will need to make a claim against your estate, which is extremely stressful, emotionally charged and very expensive.
Scenario 1 - Fred and Wilma are engaged, they are planning a summer wedding later this year. They have a daughter together, Pebbles who is 3 and is in nursery school. Wilma sadly passes away very suddenly and tragically, she didn't get around to making a Will. Under the terms of the law, Pebbles will inherit her mother's entire estate and Fred isn't entitled to anything. Fred will need to consider claiming against his own daughter's inheritance.
I'm engaged and I've already written my Will
Something that many people aren't aware of is that marriage sets about cancelling any Wills written before you marry. This would mean that from the date you marry you no longer have a valid Will in place. This would again mean the law will dictate who inherits your estate and under the terms of this Law, your spouse may not inherit everything. This will depend on whether you have children. Wills can be written to include a special clause, which is known as an expectation or contemplation of marriage clause. This stops your Will being cancelled when you marry.
Scenario 2 - Barney and Betty are engaged, they are planning a wedding in the Caribbean later this year. They have 2 children together and Barney also has a child from a previous relationship. Barney has written a Will which shares his wealth between Betty and his 3 children equally. Barney sadly dies. Under the terms of the Law, Betty will be entitled to inherit a fixed sum, after which time the assets are shared between Betty and the children equally. This means that the children are inheriting far less than Barney wanted and Betty does not inherit everything.
Inheritance Tax
While marriage automatically revokes your existing Will, it also unlocks unique inheritance tax benefits and can simplify estate administration. By creating a new Will that considers your spouse and potential tax advantages, you can ensure your happily ever after extends to protecting your loved ones' financial security. Take a look at our blog posts: https://www.toucanlaw.co.uk/post/inheritance-tax-what-you-need-to-know and https://www.toucanlaw.co.uk/post/spend-it-before-the-taxman-does
When you tie the knot, it's essential to review your Will and update this as necessary to reflect your new marital status. Marriage automatically revokes an existing Will, unless it was made in contemplation of marriage. Therefore it's crucial to ensure your Will accurately reflects your wishes post-marriage. Don't let your wedding bells become a wake-up call for outdated estate planning. Embrace the opportunity to create a Will that reflects your new life as a married couple and safeguards your family's future. Talk to a specialist Will Writer and Estate Planner, such as Toucan Law today.
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