Marriage is a meaningful life event with new responsibilities and decisions. Creating a will is one of the best things you can do for yourself and your loved ones. According to a Caring study, one in three Americans claims they don’t have enough assets to leave behind when asked why they don’t have a will or living trust. However, you don’t need to be a millionaire to create a will.
1. Ensure Your Partner Is Taken Care Of
You value your significant other, maybe even more than some family members. So, in the event of your death, you want them to get a portion of your estate. That’s why you need to make a will before getting married. Don’t leave these important life choices up to chance.
According to the Wedding Planner Institute, millennials make up approximately 80% of today’s marrying couples. If you’re part of this group, indicate that you’re creating the will in contemplation of marriage so it’s not annulled when you get married. Seek legal counsel to determine whether your locality has particular legal regulations. Making a will before getting married may be the only way to guarantee your partner is provided for in the event of your death.
2. Your Children May Be Excluded
If not indicated otherwise, most assets go to the spouse. This means your spouse or the stepparent may inherit everything while your children receive nothing. This can be particularly troublesome in remarriage situations, as the stepparent may bequeath your assets to their children, meaning your children would benefit from something other than your assets. To avoid this, create a will or set up a living trust and name your children as the beneficiaries of your assets. If you’re under 40 and still need to create a will, now’s the time!
3. The Impact of Divorce on Your Will
Divorce also affects the terms of your Will. While divorce doesn’t wholly nullify your will, it does prevent your ex-spouse from serving as an executor, trustee, or beneficiary under your will. Your ex will be treated as though they died before you. This can have a significant impact on your estate, so make sure to regularly update your Will to ensure it still accurately reflects your wishes.
There’s More to a Will Than Just Money
A will is also necessary if you have children under 18. It’s the only way to ensure you have a say in who raises your children when you die. You can designate guardians in your will, people you can rely on to raise your children with the same love and principles as you. Without one, the local council or a family court will decide for you. The same goes for pets. You can appoint pet guardians to care for your furry (or scaly or feathery) pals in your will.
Reduced Inheritance Tax For Beneficiaries
Anything you leave for your spouse in your will is exempt from inheritance tax. Inheritance tax isn’t imposed on every estate. However, if it’s due, it’s collected at a rate of 40% of everything. Property owners need to be cautious here. A will let you control what your partner inherits and minimize the amount of IHT owed if any. They’ll also get your unused allowance, a win-win.
Life is unpredictable. Even if it’s uncomfortable, thinking about your death is important, especially when you’re getting married. You need to protect your partner and settle your affairs while you’re still alive. Making a will is the most effective approach to guarantee this.
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