Many married couples make wills
that leave everything to each other when they die. The biggest and most
apparent advantage of this approach is that the remaining spouse gets
everything and can do as they wish with the estate. The disadvantage, however,
is that your spouse can then give away parts of that estate to whomever they
What Happens If Your Partner Remarries?
Another significant advantage to bequeathing everything in your will to your partner is that there will be no inheritance tax to be paid.
For anything not left to the spouse (or charity), there is, however, a tax threshold. At present this is set at £325,000. In addition, if you give your home away to your children, this threshold is increased to £475,00, in the current tax year.
But, Inheritance Tax aside, people
are concerned about what happens if they die and their partners remarry.
If you are concerned about your spouse remarrying and any children you have with them losing out on your estate as a consequence, you have a right to be.
Leaving everything to each other may seem natural, simple and cheap, but if the survivor remarries and they do the same in any subsequent Will they prepare, your money will pass to a complete stranger and your children will, at best, receive less or at worst lost, out completely.
This is even relevant if you do
not have a Will. The fact of the matter is that the number of adults in the UK
that do not have wills is at an all-time high. Statistics approximate the
figure as being in the region of 31 million. If you were to die without leaving
a Will, the first £250,000 would pass to your spouse and the remainder would
pass half to the Spouse and half to your children.
Out Of Your Spouse’s Control
Even with the best intentions, the risks outlined above may still be relevant, for example, if the survivor remarries and then divorces or requires Local Authority funding for Care, for example. All the funds they have inherited from you may be at risk, especially with Care Fees typically running at £1,000 per week.
I am a professional Will writer based in Leicester with over 18 years’ experience in this area of law. Get in touch today for a friendly, sensitive service that offers free home visits and weekend and evening appointments to make the process as easy as possible for you or your loved one.