Marriage is a wonderful instiution and it is likely to have many preferential advantages under the new coalition government who believe fully in the virtues and benefits to society that stability brings to the family unit.
Inheritance Tax Advantage for Married Couples
As things stand there is already a significant benefit from being married when it comes to writing your Will. The advantage rests in the Inheritance Tax laws which effectively offers the addition of the individual’s remaining nil rate tax band onto the spouse’s nil rate band. This could mean the estate does not have to pay any Inheritance Tax on the first £650,000 on the second death.
What Happens If I Get Married
You can write a Will in preparation of marriage, and in fact it may be advisable, particularly of oneof the partners is seriously unwell. The clauses will be written in such a way that they only become effective should the marriage actually take place. This can make a Will more difficult to interpet so unless the matter is particularly pressing many couples choose to wait until the knot is tied.
What Happens If I Want To Exclude My Married Partner From My Will
Legal separation and divorce are the UK recognised methods of making clear your formal intentions to split from the relationship. We appreciate that not everyone wants to go down this path but extreme caution should be taken, as Writing a Will will NOT in itself remove the possibility of a successful challenge by a married partner in a court of law. We would always recommend a legal consultation to discuss this further.
