Wills
Young married couples frequently believe they do not require a Will, perhaps because they believe they are too young or have nothing to leave.
What you should consider
You own your home, pay monthly mortgage insurance, and have an additional life insurance policy. Even if you don't have much right now, if the worst happens and these policies pay up, your estate will be flooded with cash!
These assets are likely to pass to your spouse automatically if you don't have a valid will. Even if this is what you want to happen in the first place, it will not secure your assets. This is because the assets that were once completely yours have now been transferred to your husband, who is free to do whatever they want with what you used to own. Your spouse may unintentionally do anything that puts your estate vulnerable to losses.
Remarriage after losing your spouse
It is usual for the remaining spouse to remarry after the death of a spouse. When a person remarries, his or her assets are frequently combined with those of the new husband. They may purchase a new home or add the new spouse to an existing property's deed.
Consider this scenario: you and your present partner own a home together. Unfortunately, you pass away one day and leave everything to your husband, including the house. Your spouse eventually remarries, but he or she dies soon after. This puts your new spouse, who you may or may not have met before, in charge of the house you used to own! Remember that any previous Will is cancelled upon marriage, which means you have no say in the matter unless you have the necessary precautions in place. This means that your children could end up with nothing.
There are ways for your children to file a claim through the legal system, but this is time consuming, expensive, and there is no assurance that they will be successful.
Unmarried Partners
When it comes to inheritance, unmarried partners may not have the same security as married couples. This is frequently realised too late, which is why unmarried couples should make a Will. Intestacy rules only recognise marriages and civil partnerships; cohabiting does not guarantee that your partner will inherit your estate once you pass away.
Legal proceedings are costly and time-consuming, and there's no assurance your partner will prevail. Making the Right Will is a far safer, more secure, and cost-effective way to ensure that your assets are distributed to the people you want.
Making your Will now can help ensure that your unmarried partner will be financially secure after you’re gone.
Divorced or Separated?
If you've just divorced, it's critical to think about the assets and money you now have in your own name. If you decide to remarry or cohabit, you may have children who need to be protected. This must be accounted for in your Will; make sure you amend it to reflect your current marital status.
If you and your ex-spouse are divorced but have not reached a formal legal agreement, your ex-spouse may have a claim to your estate. This is why it's critical to revise your Will anytime something significant happens in your life that could affect your inheritance.
Civil Partners
When it comes to inheritance, civil partners are treated the same as married couples. When the second partner goes away, however, your estate is still vulnerable to losses due to care fees, local government means testing, inheritance tax, and other claims, decreasing the inheritance for their beneficiaries significantly. Making a comprehensive and protective Will, regardless of your circumstances, is far safer than relying on chance.
Having the "Right" Will is an essential component of life planning. Make the Right Will Today to make sure your assets go to the people you care about, not the people you don't.
