Inheritance Tax Planning: Deeds of Variation and nil rate band discretionary Will trusts - less common but still useful?
Jim Sawer, a partner in our Private Client team, answers a question in This is Money, published on 25 March 2019.
A reader wishes to marry and wants to ensure that her adult children remain her heirs.
Jim advises that:
Your current will is automatically revoked if you marry, and if you were then to die without making a new will, the 'intestacy rules' would apply. Even if you'd been married just a short time, under the intestacy rules, your widower would be entitled to your personal belongings, the first £250,000 of your estate (or all of it if worth less than that) and the balance would then be shared as to half to him and half to your children.
So, you should either make a new will very shortly after you marry or, better still, you should make a will now expressed to be 'in contemplation of marriage' and not to be revoked by your marriage.”
Jim’s full answer can be read here.
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