MARRIED and cohabiting couples are being called upon by a Leamington solicitor to protect their finances by ensuring they have an up-to-date will in place.
Jessica McDonnell, senior associate solicitor at Blythe Liggins Solicitors, says many people do not realise that when they get married their existing will becomes void. Cohabiting couples also often do not know they have no automatic rights to inherit.
Without a will in place, Jessica says their estate – money, property, possessions and investments – often goes to parents, siblings, children and even estranged family.
A will covers everything from who will benefit from a person’s estate, to care arrangements for their children if they pass away.
Jessica said: “It is important to remember in the case of unmarried couples who live together, they are not automatically entitled to anything from their partner’s estate in the event of their passing unless a will is in place to specify this. If one has not been made, they will not be provided for financially.
“A person’s will is also completely voided if they do marry, so it is important then to check you have a functional will in place which you are happy with.”
Once a will has been made, Jessica recommends reviewing and updating it every five years – or sooner in the event of a life change such as a divorce, marriage, death or new arrival.
She is also calling on people to review their wills ahead of changes to inheritance tax rules around pensions, which will come into effect next year.
She added: “We are all so busy with the day-to-day that making or updating a will is a task we can mean to get around to but never do. The start of the year is a perfect time to tick this off the to-do list.
“My advice is that everyone aged over 18 should have a will in place, and especially those who have children or own a house. Even those who think they have nothing to leave will often have a car, jewellery or premium bonds which you want to ensure is left to the people you choose.
“None of us like to dwell on it, but having a current will in place gives you the peace of mind of knowing that your wishes will be dealt with in the way you’d like, as you go on living and enjoying life.”
Visit www.blytheliggins.co.uk for more information.
