Survey launched on Inheritance Tax to simplify regime
Things to consider after your wedding
Following the recent celebrations for the new Duke and Duchess of Sussex, many are still talking about Meghan’s dress, the Royal family and the celebrities in attendance.
However, when getting married, many couples do not think about the impact of their marriage on legal matters, such as their will and do not realise that marriage actually revokes a will. Therefore, preparing a new will following your marriage (or making a will in expectation of getting married) is a vital part of planning for the future to ensure your wishes are given effect to. Likewise, with newly married couples, if you have children from a previous relationship, you may want to ensure the children are cared for by your new husband/wife, by including a guardianship clause within your will.
The structure of a will can be vitally important when dealing with the administration of your estate and deciding what happens to your assets. In addition, the Inheritance Tax (IHT) rules have changed fairly recently and it is important to review your will structure to ensure that your estate does not suffer IHT unnecessarily. Different will structures mean that you can provide for family members without actually specifying an amount. This allows the circumstances at the date of your death to be considered before any distribution of assets are made.
Preparing a will is one of many things to consider either before or following your marriage and if you wish discuss the preparation of a new will or any estate planning matters please do not hesitate to contact our Wills and Probate Team.
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