Marriage matters…

…by which we mean, it makes a real difference to your Will!

While all eyes are on Prince Harry and his bride this weekend, you can be sure there are advisers making sure their estate affairs are in order.

Why?  Because their marriage changes everything, in terms of estate planning.  We’ll talk you through it!

Getting married invalidates any UK Will either Harry or Meghan already have. With both parties to the marriage having considerable wealth, they’ll surely want to be in control of how it is distributed when the time comes.

Gifts to loved ones

If either of them were to die without a Will, their UK estate would be dealt with according to the Intestacy Rules.  That means, everything would go to the surviving spouse.  If they have children, then £250,000.00, all their personal possessions and half of the remaining estate go to the surviving spouse.  The other half of the remaining estate is split equally between the children.

Gifts to charity

We’ve seen from their wedding planning that Harry and Meghan take their charitable responsibilities seriously, so they may well choose to leave legacies in their Will.  Without a Will, they would have to rely on their surviving spouse making a gift in their memory.  It is much better to have it dealt with in the Will, so the surviving spouse is not worried about which charities the other would have wished to help.

Children!?

It’s a big question and a personal one, but so important to address it when planning for the future.  If Harry and Meghan have children, their Wills are the place to specify who they trust to look after these children should the need arise.  In her Will, Princess Diana appointed her mother and brother as guardians of the young Princes in the event they might be left without parents before turning 18.

International Jurisdiction

Meghan will require specialist estate planning advice because she is likely to have possessions and money in more than one jurisdiction.  She was born in California, lived and worked in Canada, but has now chosen to live here and seek UK citizenship.  She may own assets which cannot be dealt with under a UK will, and there are certainly inheritance tax considerations too.

Wedding bells and new Wills all round!!

If want to check your Will still meets your requirements, get in touch to arrange your free Will review.
If  you have estate planning questions or want to have your Will drawn up,
please get in touch with us or book an appointment online.