Say 'I do' to making a will

With summer now upon us thousands of couples intending to get married will be making the final preparations for their wedding day.

Amid all the excitement, the idea of making a will may be the last thing on their minds - yet failing to do so could end up costing them tens of thousands of pounds.

If husbands and wives don't make or update their wills then much of the money they hope to leave to their spouses could be swallowed up by the inheritance tax laws or go to relatives they hardly know.

Unfortunately, there are many misconceptions about wills and the rights of married couples. Many people believe that if they die without making a will then all of their estate will simply pass on to their spouse. This is not true. If you are married but have no children then only the first £200,000 together with any personal possessions and half of what is left of the rest of the estate will automatically pass to the widow or widower. The rest will pass to the deceased spouse's parents or if they are no longer alive then to brothers and sisters. If there are no siblings then the remainder will pass to nephews and nieces.

If you are married with children then the surviving spouse inherits only the first £125,000 of the estate and rest will eventually pass on to your children. The rules for the division of the estate in these circumstances are quite complicated so please contact us if you would like more detailed information to suit your individual needs.

However, whatever your circumstances, it quickly becomes clear that if you want to ensure that all your estate is inherited by your spouse, or if you want to ensure that some of it goes to someone else of your choosing, then you need to make a will. Even if you already have a will you will have to review it because the act of getting married can make your existing will invalid.

Of course, it's hardly romantic to be thinking of making a will at the same time as starting married life but it is essential if you want to retain control of your money and who will inherit it. The problem is even worse for unmarried couples who cohabit because, as the law stands at the moment, they have even fewer rights and so they too should make a will and keep it up to date.

We can offer expert advice on all matters to do with wills and probate, and would urge anyone, newly married or not, who hasn't yet made a will to seriously consider doing so for the sake of their loved ones.