On our pre-year end meeting agenda, we have a question about the clients’ will.

A big issue for many of our clients is that of a second marriage. Typically, when clients come to us they are already married, but of course, statistics tell us that many of these marriages will result in children but will also end in divorce. I have quite a few clients on second marriages, with children from the first.

This is a classic situation where having a will is absolutely crucial. Dying intestate and the the rules which follow can have devastating consequences for families.

Much of this you may know – but here’s something we recently found out. If you get married, your will (unless it was written in anticipation of marriage) becomes invalid and you automatically become intestate again.

Even in families where the surviving spouse has a good relationship with the children from the spouse’s previous marriage, the death of the individual that connects them can stretch that relationship to breaking point – especially when there are other relatives involved! But a well written will can avoid many of these problems, and life interest clauses, for example, can solve an awful lot of problems.

 

But, why does it matter to us? We’re not Lawyers…

It is not within the scope of this blog post to cover all the legal remedies available in this area. We are accountant’s and not lawyers, after all.  But as a trusted Adviser, we believe it is part of our role to consider the bigger picture for you. Our priority is to give you the right advice taking into account all your business and personal circumstances.

After all the hard work that you have put in to building your business and other assets, it would be a tragedy if it didn’t end up being distributed in the way that you wanted.

Something to keep in mind whilst preparing for your future.


Read more of Malcolm’s ‘Thoughts for the Month’:

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