Marriage and remarriage in later life can have a significant impact on your financial situation and what you leave to your beneficiaries. It can create potential for conflict over assets when one person dies, especially where multiple sets of children are involved.
Marriage or civil partnership automatically invalidates any previous wills, except in Scotland. You can, of course, write new wills together with your spouse, but these can be changed after a partner dies leaving your original beneficiaries with no inheritance.
HAVE YOU HAD THE INHERITANCE DISCUSSION WITH YOUR CHILDREN?
Young people these days are more likely to rely on inheritances than older generations - although those born in the 80s and 90s will probably get nearly double the inheritance of those born in the 60s, they will not amass as much wealth overall.
Some 47% of wealthier parents also plan to leave unequal amounts to their children when they die - usually based on how much assistance they've had during the parents' lifetime.
While 66% of parents believed they had given a clear understanding of their wishes to their children only 30% of young adults thought their parents had explained their plans.
By speaking about money, parents can provide helpful clarity and enable everyone to make more informed financial decisions - and that can only be a good thing when planning for the future.
If you would like to chat about how best to protect your assets, and to ensure that your wishes will be guaranteed and protected on your death, please get in touch.
Jan Cook, Jan Cook Wills & Trusts Ltd