Wills and Succession Planning
- > What happens if I die without leaving a Will
- > Wills For People Marrying A Second Time
- > Jointly Owned Property and Wills
- > Pensions and Spousal By-Pass Trusts
- > Guardians of Minor Children
- > Inheritance Tax And The Family Farm
- > Wills and Succession Planning Terms Explained
- > People Involved in Making a Will
Related Information
Wills For People Marrying A Second Time
Marriage automatically invalidates any previous Will made by a party to the marriage unless that Will is made “in contemplation of the marriage”. A Will made in contemplation of marriage contains special legal wording.
If you do become engaged to be married it is essential that you put a new Will in place prior to your marriage so that your wishes are carried out in the event of your death. Where somebody who is married dies without leaving a valid Will their spouse has automatic rights to inherit a proportion of the estate.
You should be aware that where a widow or widower remarries Wills can be drawn in a way which can make savings of Inheritance Tax.
When couples contemplate marriage who have assets and property of their own and/or children by a former marriage or relationship it is particularly important that they talk very frankly before the marriage about their respective financial situations (for example pensions, assets and financial commitments) and settle upon what is to happen with regard to the home that they will share and their respective assets when the first of them dies. Whatever arrangements are settled upon should be reflected in a new Will made in ‘contemplation of marriage’.
Your Assets and Re-Marriage
Engaged couples will sometimes decide to keep their respective assets completely separate from each other and leave these by Will to their respective children making no provision for each other in their Wills. This arrangement can be appropriate for couples who do not need to make financial provision for each other.
Alternatively couples may decide to keep their respective assets completely separate from each other but in their Wills give each other restricted legal rights over these assets when the first of them dies. An example of such restricted right is a right for the survivor to continue to live in any house owned by the first to die as long as he or she wishes but stipulating that when it is eventually sold the sale proceeds pass to the first to die’s children.
Some married couples decide to merge their respective assets so that all assets are owned jointly. Although this has the advantage of simplicity it is unlikely to be a suitable arrangement where either or both of the couple own anything of substance because it would not be possible to “ring fence” assets for your respective families in your Wills. It is important to appreciate that where savings or investments are put in joint names when the first owner dies the remaining the owner would inherit the assets no matter what the first to die’s Will said.
In general it is almost always advisable for your savings and investments to remain in your separate names. It is however generally convenient for a joint current account to be maintained at a bank from which household expenses can be paid and to which each party contributes a monthly equal amount. The balance maintained on this account should be modest.
Buying Joint Property When Marrying Again
Some married couples decide to purchase jointly a property to live in. This might be a new purchase or one party might buy a share in the other’s existing home. There are two ways of owning a property jointly -as “tenants in common” or as “joint tenants”. On a second marriage “tenants in common” is usually the appropriate choice because it means you each have a fixed share in the property which will be governed by your respective Wills.
There will be tax issues to consider and the legal advisors in our Wills and Succession Team will be pleased to discuss these with you as they work with you to draw Wills appropriate to your particular circumstances.
Pre-nuptial Agreements
Do be aware that if a marriage fails, the courts have jurisdiction over all assets and property owned by the couple and if the couple cannot agree how these should be divided they will divide the assets as they see fit and may order one party to transfer assets owned by him or her to the other party. In this respect you may wish to consider a pre nuptial agreement, our Family Law Team can advise you further.
If you are considering marrying again, contact a member of our Wills and Succession Planning Team for further information about making a Will.
Quick contact
- Please call 0845 603 1057
- Send us a quick enquiry >
- Email us >
- Meet the Wills and Succession Planning team >
- Services for Individuals
- Services for Business
- Services by Sector
