Sadly for many people their marriages end in divorce. Divorce is a real twentieth century phenomenon and there is no sign that the number of marriages that fail is likely to decline.
For those that do divorce some face the happy yet challenging prospect of remarriage. This is an exciting prospect but there are many practical issues that need to be considered apart from the wedding ceremony and the honeymoon.
Second time around, very often the parties will bring to the marriage children from a first marriage or a previous failed relationship. Quite clearly both parties want to be fair to their children and want to ensure that they are properly provided for during their lives and upon the death of their parents.
It is therefore really very important to bear in mind that the effect of remarriage is that it will automatically revoke any Will that has previously been made. It is for that reason that it is very important to make a new Will setting out financial provision in a fair and reasonable way, not only for one’s new spouse but for one’s own children and the children of one’s spouse.
If no Will is made at all, or if the Will has been revoked, then if one of the parties dies their estate would come under the intestacy rules that also apply to people who die without a Will. This means that where there are children a surviving spouse receives a priority legacy of £250,000, plus all of the personal possessions and one half of the remaining estate.
As a consequence, by not making a new Will or not making a Will at all, surviving children could be the beneficiaries of a great injustice, only receiving the other half of the remaining estate which in very many cases will amount to nothing. In such a situation not only do the children have to deal with the loss of a loved one, but they also have to come to terms with the fact that they will receive little or no inheritance.
All of the above unpleasantness and uncertainty can be put right by simply making a straightforward and well thought-out Will. A second marriage can be a great institution, but foundations need to be put in place for the future, one of which is the drafting of a Will.
CAPTION: Andrew Brooks. Partner, Family Team
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