‘Spring Clean’ your personal and financial affairs with ELM Legal

Sponsored Feature 

Spring is often a time for new beginnings, reorganisation and of course, Spring Cleans! But Spring is also traditionally a time for family. Last month played host to ‘LGBT Adoption & Fostering Week’ and here at ELM, that got us thinking about the importance of family and how vital it is to take care of those we love, no matter what your family dynamic. Making a Will is a great way to ensure that your loved ones are taken care of should anything happen to you, so why not have a ‘Spring Clean’ of your personal and financial affairs and think about having a new Will drawn up today!

Why should I make a Will?
Dependants: It doesn’t matter whether you are single, in a same-sex relationship or a heterosexual one. If you have minor dependants (whether blood, step, adopted, fostered or otherwise), it is vital that you consider making appropriate provision for them for the future (both financially and regarding their care). If you or your partner have children under the age of 18 it is key that you discuss Guardianship. If anything happens to you, who would you like to appoint to take over Parental Responsibility of your child(ren)? A Will can detail your wishes on this and can give you peace of mind regarding your little ones’ upbringing and wellbeing. Remember – if your wishes aren’t known then this decision is at risk of being left up to the Courts to decide. If you want your partner to act as guardian – you may have to appoint them by Will. If either you or your partner have step-children or children from a prior relationship, you may also want to make adequate provision for them regarding inheritance. Only legally adopted and full-blood children have the automatic right to inheritance under English law.

Partners: If you are in a relationship but are not married or in a Civil Partnership – have you thought about how to make provision for your partner? Both same-sex couples and heterosexual common-law partners would equally highly benefit from drawing up a valid Will to protect their spouse. All unmarried couples do not have an automatic right to inherit under intestacy (i.e. if there is no Will in place). So if you would like to ensure that your other half benefits from your Estate, it is imperative that you have a valid Will document drafted to reflect your wishes. Without a Will your partner will not automatically be entitled to inheritance.

Did you know?
With Spring also marking the start of ‘wedding season’ – there are a few things you should be aware of regarding the effects of Civil Partnerships and Marriage on your Will:
• Marriage or entering a new Civil Partnership will revoke your current Will (unless it has been made in contemplation of marriage with the correct legal wording to prevent this). So if you have recently entered into a new Partnership, or gotten married, it is probably worth reviewing your Will to check whether it still covers you and your wishes.
• It is easy to prevent your Will being revoked by marriage or Civil Partnership by ensuring it has been drafted in contemplation of your new impending nuptials. If you are newly engaged, why not seek some advice to make sure that everything is in place before the big day? Making a Will is a really easy way to ensure that you and your life partner have security and peace of mind should anything happen.
• Once your Civil Partnership or same-sex marriage is registered, you will be treated as each other’s spouses for the purposes of intestacy and you will also gain parental responsibility for each other’s children (if you have any). These step-children will not however be able to benefit under the intestacy rules, and as such, if you wish for them to inherit from your Estate, you would still need to make provision for them by Will.
• Once you are legal spouses, you will also be able to benefit from the ‘Transferable Nil-Rate Band’ inheritance tax allowances (this means any of your unused personal IHT allowance will be able to pass to your spouse on your death). You will also qualify for spousal exemption regarding IHT.

If you would like any more information on any of the above, or would like to speak to a member of our Team to discuss drawing up a new Will, please do not hesitate to get in touch. Our friendly legal advisers are here to guide you through and make the process as simple and easy as possible. So why not call us today on (0117)9520698 or visit www.elm-online.co.uk for more information.