Oak Shields Estate Planning Limited
Chapel House, Leicester Road
Loughborough, LE11 2AF
Your Legacy, Our Priority.
How Does Getting Married Affect
Your Estate Planning?
February is the month of Love and also a great time to express your affection with your loved ones as well as making important life decisions like getting married. If you are planning to propose to your boyfriend or girlfriend, or you already have your wedding plans, there are a few important estate planning points worth taking note of.
Your Will Needs Updating
Did you know that your current Will will become invalid after getting married? It does not matter whether you have included your future spouse or partner as a beneficiary or not, once you are married, the Will automatically becomes invalid.
If you sadly pass away before drafting up a new Will, your estate will be treated as intestate and distributed under the statutory order. If you would like to learn more about Intestate Wills, you can read our insight 'What happens if I pass away
without a Will?'.
Spousal Exemption on Taxation (IHT
and CGT)
All gifts and transfers are Inheritance Tax and Capital Gains Tax free between spouses. The amount of transfer is completely exempted and will not take up any of the annual exemption (£3,000). It provides great financial flexibility for couples during their lifetime. Also, when one of you passes away, all assets transferred to the surviving spouse will be exempted from IHT.
Enjoy a Greater IHT Allowance
When the surviving spouse passes away, the estate can transfer the unused Nil Rate Band of £325,000 and Residence Nil Rate Band of £175,000 from the deceased spouse. The estate can enjoy up to £1m of Inheritance Tax allowance in total for inheritance.
Owning Joint Assets - What are the
Pros and Cons?
Having joint bank accounts and taking out mortgages in joint names can make it easier for couples living together. In terms of estate planning, having joint assets can effectively speed up the probate process when one of you sadly passes away. On the other hand, upon one of you passing away, most joint assets follow the rule of survivorship which means the other person will receive everything, regardless of your wish.
Get in touch with our team today
Before you exchange vows, consider this an opportune time to embark on a journey of joint financial responsibility, ensuring that your love story is accompanied by a well-protected future. Speak to our professional team today to start planning your legacy.
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01509 972000
Oak Shields Estate Planning Limited,
Chapel House, Leicester Road,
Loughborough, LE11 2AF
Registered in England and Wales Company Number: 13136605 VAT Registration Number: 370 0679 03 Registered Address: Chapel House, Leicester Road, Loughborough, LE11 2AF
The Society of Will Writers Membership Number: MA6706202/21
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A wholly-owned subsidiary of The Iceni Group Limited.