Second marriage? Time to update your will
30 July 2015
If you die without a valid will in place, your estate will be distributed according to the complicated rules of intestacy. Your loved ones may not inherit in the way you would have liked them to.
Having a valid will at all times is especially important if you have been married before, or you have children from a previous relationship. You will want to know that your children will be provided for in the long term, should anything happen to you.
If your children are under 18, you may want to provide for their maintenance, appoint guardians to look after them and nominate trustees to look after their inheritance until they are old enough.
You might also need to review how you own or purchase any property with your new spouse. A property may be held by a couple in one of two ways:
- joint tenants – when one of you dies, the property automatically belongs to the other; or
- tenants in common – when you die, your recorded share of the property passes under your will, or intestacy laws to your chosen beneficiaries.
In deciding how you will own your property it is wise to consider:
- how this will affect your children’s inheritance;
- how much you have each contributed to the purchase price;
- your respective financial positions before the marriage; and
- any tax planning opportunities.
Making a will also gives you the opportunity to discuss with your new spouse, your funeral and burial wishes and specific gifts to charities that are close to your heart.
As you embark on a new chapter in your life, Myers & Co can help you review your existing will, or write a new will to make sure that your intentions are made clear.
The contents of this article are for the purposes of general awareness only. They do not purport to constitute legal or professional advice. The law may have changed since this article was published. Readers should not act on the basis of the information included and should take appropriate professional advice upon their own particular circumstances.