A marriage contract changes the way your estate will be distributed after death but it’s no replacement for a Will – in fact, in many cases it’s even more important to make a Will once you are married. If you die without a Will, decisions about your estate and your children will be made by the state and social services, which can lead to painful family disputes and broken relationships. Your loved ones may not receive any inheritance and your children could be brought up by people who don’t share your values and morals. In this guide, we’ll explain why making a Will is important for married couples with and without children, and how it could potentially reduce inheritance tax.
A Will For Married Couples With Children
Married couples with children often assume that if one of them dies their estate will pass to their spouse, and eventually be passed down to their children – however, this isn’t always the case. It’s true that most of your estate will pass to your spouse, but if they remarry, their new spouse will then legally own half of your estate, immediately reducing the amount your children would be entitled to. If your spouse was then to die as well, your entire estate would be owned by someone you may have never met and your children may never get any of it. In fact, if the new spouse has children of their own, your inheritance could end up funding their futures instead of your own children’s! Remarriage is very common after the death of a spouse, so be sure to stipulate in your Will what portion of your estate should go to your children no matter what. A couple of hours of your time could protect your children’s quality of life forever.
Another reason for making a Will is to stipulate who should be your children’s guardian should you and your spouse pass away. This is an incredibly hard prospect to think about, but it’s our responsibility as parents to ensure our children will always be protected no matter what happens. You’ll want to choose someone you trust, who shares the same morals and values as you do, so you can be sure your children will be looked after. You should always discuss your decision with the people you choose to make sure they are able and willing to care for your children should the worst ever happen.
A Will For Married Couples Without Children
In most cases, your estate will pass on to your spouse if you were to die without a Will. However, it’s still important to make a Will to stipulate who should get what – perhaps you’d like some of your estate to go towards helping your parents in old age, or to your siblings, nieces and nephews.
Even if you do want everything to go to your spouse, what about when they pass away? Your whole estate would then pass to their family and none to yours, do you really want to leave it up to chance to decide whose family benefits from your estate? When you make a Will, you can stipulate how your estate should be shared on the death of your spouse to ensure that both families are looked after equally.
A Will To Reduce Inheritance Tax For Married Couples
When inheritance tax is due, it’s taken at a rate of 40%. Making a Will means you can limit how much inheritance tax will be taken from your estate, and it allows you to make full use of your and your spouse’s inheritance tax allowance. The average family without a Will loses around £10,000 to inheritance tax, so it’s well worth making one!
The Bottom Line
If you’re married it’s important to make a Will. Not only can you ensure your loved ones receive a share of your estate, but you can also decide who should bring up your children and potentially reduce inheritance tax.
Having a Will can take the pressure off your family when you pass away because your wishes are clear. It prevents painful family disputes that can damage the loving bonds you’ve worked so hard to create.
At Michael Usher Wills & Estate planning we’ve been helping our local community for over 30 years. Making your Will is one of the most important things you’ll ever do for your family, so it’s essential to make a legally binding document that will stand up in court. We’re regulated members of the Institute of Professional Willwriters, so you can be confident our service is of the highest quality. Our friendly team is always happy to chat with you for free about your Will and answer any questions. Call us on one of the numbers below or book a FREE consultation here. We look forward to helping you protect your assets, your family, and your legacy.
Camberley: 01276 691979
Basingstoke: 01256 637007
COVID-19 Update
Due to the current situation, you are now able to make a Will with us remotely for your own safety and convenience. Read the article below to find out how this works.
