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His Honour Michael Cook |
Tony Dolbear |
Marion Wells |
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The effect of divorce on Wills
If you have a Will and get divorced, your ex-spouse is treated as if they had died on the date of your divorce. In other words, your ex-spouse will not get anything and the items left to your ex-spouse will be put back into your estate to be divided amongst any remaining beneficiaries.
The remaining provisions of your Will remain valid; however, it is advisable to make a new Will once you have divorced to avoid any confusion.
The effect of marriage on WillsOnce you marry, whether it is a first marriage or a subsequent marriage, your existing Will is automatically revoked. This means any Will you have made prior to getting married is invalid and it is therefore essential that you make a new Will once you marry.
The exception to this is if you make a Will in contemplation of marriage to a particular person. In that case, the Will would not be revoked upon your marriage to that particular person. A Will cannot be made in contemplation of marriage to an unnamed person; it must be stated to be to a specified person named in the Will.
Cohabitation and Wills
If you are living with someone and not married, it is advisable that you each have a Will drawn up or updated to ensure that they reflect your current living situation and that your assets pass to the family members or other persons of your choice.
Keep in mind that, if you do not have a Will and the family home is in your sole name or if you own the home as tenants in common with your partner, your share of the family home would pass to your nearest blood relative not your partner. If you do want to ensure that your partner is protected it is essential that you have a Will prepared that includes that partner.
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Inheritance Tax
If you are married and your spouse dies, you will not have to pay any inheritance tax on the property and assets that are left to you. The same applies to partners in a civil partnership. However inheritance tax will be chargeable on the value of assets that pass on your death to other beneficiaries in excess of the exempt limit.
If you are living with someone and not married and have left property and or assets to them in your Will, your partner will have to pay Inheritance Tax on anything over the exempt limit (£312,000 for the 2008/09 tax year) as the surviving spouse exemption does not apply to an unmarried partner.
If you have assets in excess of the exempt limit you should seek advice about the best way to reduce or avoid inheritance tax.
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