There are lots of rules surrounding the validity of a will. Catherine Bailey of GA Solicitors tells us how getting married can impact your existing will.
Does getting married or remarried invalidate a will? In a nutshell, yes!
Getting married automatically revokes (cancels) a will made previously, resulting in that will being invalid. Getting married is of course a happy occasion and all of the organisation of the big day can definitely consume a lot of your time. It’s probably unlikely that making or updating your will a top priority at this time!
How important is it to ensure that your money, possessions and property (all these things together are called your ‘estate’) pass to those you want it to? I would say that this should be your top priority. So don’t be an ostrich and bury your head in the sand, plan for the future!
There are many reasons why you should have a will but four key reasons are:-
- Without a will your family and friends can find themselves carrying out a much more time consuming and stressful process. A will makes it easier for your family and friends
- If you do not have a will or you have not made arrangements in advance of any marriage with a view to making a new will, you do not have a valid will and your estate will be dealt with under The Intestacy Rules. Depending on the size of your estate, your spouse will receive up to £250,000, with the rest being divided equally between the spouse and any children you may have
- A will can provide appropriate planning to reduce the amount of Inheritance Tax that might be payable on the value of the estate
- Having a valid will in place is especially important if you have children or other family who may depend on you financially