A Guide to Wills and Remarriage I Thomas & Thomas
Did you know that the ONS Government’s most recent figures on marriage and divorce show that the number of people remarrying in the UK has remained largely the same since 2019? In fact, the number of people who marry more than once remains quite high. More than 14% of marriages involved the remarriage of both partners, while for 17% of newlyweds, at least one partner had been previously married. This represents almost a third of couples (32%) combined in which at least one partner has already been married.
However, amid all the excitement of a wedding, one thing people often forget to review or consider is their will. However, if you want someone other than your current spouse to inherit the majority of your assets upon your death, it is essential to create a will after you remarry.
Our latest blog provides valuable insight into the field of marriage and estate planning.
Marriage and inheritance law
Alarmingly, “recent studies reveal that 59% of UK citizens have not yet made a will, with this figure rising to 65% among individuals aged 45 to 54” (source: Legal and General).
Yet, by creating a will, you can use tax planning strategies to reduce your beneficiaries’ estate taxes. This includes capitalizing exemptions and reliefs such as the nil rate band, residence nil rate band and charitable donations.
This advice concerns England and Wales.
A will also allows you to control who inherits based on how your estate is distributed. Without this, assets are distributed according to intestacy rules. Only married or civil partners and certain other close relatives can inherit under the intestacy rules. Your spouse will receive all your personal assets and the first £270,000.00 of your inheritance. (This will increase to £322,000.00 on 28 July 2023.) More complex processes are used to decide how your estate will be allocated when its value reaches £270,000.00. You can read more here about “Who inherits if someone dies without a will?” »
What will happen to my will if I remarry?
For anyone with a will, it should be noted that remarriage voids the will. To prevent this from happening, before you get married, make sure your will contains a clause from your lawyer that interprets the terms as if you were already married. However, it is advisable to draw up a new will shortly after the marriage.
Assets and second marriage
Estates involving second or blended families are rarely simple due to the many factors to consider, such as:
- Your family’s overall wealth
- Age of minors involved
- The age or health of your current spouse or partner
- The age and health of your former partner
- Retirement benefit
- Others your children could inherit
This is why we recommend that you speak to a legal representative who can guide you through the process.
Can children from a previous marriage contest a will?
Adult children from a previous marriage may feel betrayed if a will is made but does not provide for their fate, and they may be able to bring a claim against the estate for “reasonable provision”.
“Reasonable provision” is the fair financial arrangement left in a will for those who were financially dependent on the maker.
Can a child be excluded from a will in the UK?
Current inheritance laws would allow your new spouse to inherit all, if not most, of your assets, instead of children from a previous marriage. This is why it is important to create a new will soon after your marriage to ensure you are in control of your own estate planning.
Who can help me write a will for my second marriage?
Thomas and Thomas Solicitors have a dedicated team, specializing in the provision of professional legal services relating to Wills and Inheritance Tax, and can work with you through the estate planning process, step by step, providing a discussion without obligation.
With a wealth of experience in handling complex matters relating to estate planning, asset protection and inheritance tax planning, Thomas and Thomas Solicitors are committed to protecting your interests and achieving your desired results.
