Whatever your relationship status you will always need a will

Getting divorced or remarried (or neither) can jeopardise your inheritance plans. Don’t cause more heartache for your loved ones at an already stressful time.

When it comes to relationships, what is normal? It used to be a lifelong marriage with 2.2 children, but those days are long gone. Today, there are single-parent families, blended families with step and half-siblings, families where the parents have been together for decades but never married, and just about every other combination you can think of.

As long as everyone is happy, there’s no problem with that. However, parents should think about what happens to their assets after they pass away. The people you want to inherit your estate don’t just get it automatically. Even if you have a will, it may be obsolete due to your relationship changes. I see it happen all the time.

In this article, I want to talk about why you need to have a will and why you should always keep it up-to-date. Why create more problems for the people you care about while they’re already mourning your loss?

Inheritance chaos

I regularly hear stories of absolute uproar when someone passes away without a watertight will in place. Here are some examples:

• Adult children who thought they’d inherit six-figure sums when their mother died, but because she remarried, her estate went to her husband
• Partners who had been together for 30+ years but never married. When the man died, the woman received almost nothing
• Blended families where some siblings stand to inherit, but others do not

It can be a minefield, especially in British society where we hate discussing money and inheritance.

Why inheritance is so trick

Intestacy is what happens when someone passes away without making a will. There are so many quirks in English intestacy laws that create situations like the ones above. Typically, if you are married and die without making a will, your estate will automatically go to your spouse and close relatives. However, this rule does not extend to cohabiting partners, no matter how long you’ve been together. Nor does it take account of blended families or any other family arrangement.

Even if you have a will, there can still be issues. For example, if you get divorced and remarried, the arrangements in your will become instantly irrelevant.

Make your will today

Whatever your relationship or family situation, you should have a will in place. Making a will puts you in control over what happens to your assets after you’ve gone. It’s legally binding, so there is no ambiguity. You can decide who inherits what, regardless of how complex your family arrangements are.

If you already have a will, that’s great, but it’s always a good idea to check it regularly. You need to ensure it’s up-to-date and that the people you nominated to inherit are still the people you wish to.

Talk to your solicitor today

While it’s possible to make a will yourself, it’s always the best policy to bring a solicitor on board to help you through the process. Here’s why:

• An experienced solicitor knows the ins and outs of estate planning and will collaborate with you to create a will that works
• A will is a legally binding document. A solicitor will ensure everything is drafted correctly so there are no challenges or disputes after you pass away
• If your family structure is complex (as in the examples we’ve mentioned above), a solicitor will ensure no one is forgotten about, and your wishes for your estate are fulfilled
• Your solicitor can also help with Lasting Power of Attorney, Inheritance Tax and other complex legal issues relating to your will

Don’t leave anything to chance. Talk to us about your inheritance plans today, for a free consultation. Contact us