Legal News | 3.06.21
Something borrowed, something blue and… some advice from Wansbroughs
As the weather improves and restrictions ease, many are taking the opportunity to get together with (at present, a maximum of 30*) family and friends to tie the knot. Among them is Boris Johnson, who wed Carrie Symonds over the May bank holiday weekend making him the first Prime Minister to get married whilst in office in nearly 200 years.
If you too have a wedding or civil partnership on the horizon, we have some practical advice for you…
• If you already have a Will, it will be automatically revoked by your marriage, unless it contains specific wording making it clear that it should not be revoked as a result of the marriage. You may therefore wish to either put in place a Will shortly after your wedding, or alternatively prepare a Will ahead of your marriage which includes this required wording.
• If you die without leaving a Will, your spouse is at the top of the list of beneficiaries under the intestacy rules. However, if you die leaving any children, then the amount that your spouse will inherit may be limited (depending upon the size of your estate) so as to ensure that your children also benefit. It may therefore be that the intestacy rules do not accord with your wishes, so it is best to sign a Will which distributes your estate as you intend.
• On your death, any assets passing to your spouse will be free of inheritance tax, regardless of their value. This is why many say the best tax planning you can do is to get married!
If you would like to review your arrangements ahead of getting married, or have recently got married and want to make sure your wishes will be followed on your death, please do get in touch with us at wealth@wansbroughs.com or on 01380 733300. One of the Private Client team would be happy to assist you.
*less the bride and groom!
