Family situations change quite often, thus creating additional issues for the process of deciding on your property’s distribution. Such situations include remarriage, stepchildren, a partner who is not married to you, or divorce. In these cases, writing a will may assist you in determining how you wish your assets to be distributed.
The content of the will must also consider how your family situation is likely to evolve in the future.
Start With Your Current Family Circumstances
Prior to deciding on the inheritance of your property, it is important to take into consideration all the people who could be impacted by your intentions. Such persons may consist of your spouse or civil partner, your partner, your children, stepchildren, grandchildren, or even other relatives.
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Consider Children from Previous Relationships
Just because you have formed a new family does not mean that your previous relationship falls out of the context of your planning. You may also wish to take into account the appropriateness of leaving gifts, portions of your estate, or other plans to your children in this relationship.
In addition to that, you may also want to think about the possibility that one of the beneficiaries dies before you do.
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Think About Your Partner’s Position
Couples who are unmarried need to be especially careful about inheritance matters. Being unmarried, a partner will not have an automatic right of inheritance as the spouse or civil partner if there is no will.
Where there are joint property interests or financial obligations to your partner, think about what might happen in the event of your death. This can make it all the more important to create a will for your new family.
Be Clear About What You Want to Leave
Vague instructions may lead to unwanted queries following your passing. Think about the items you would like specific individuals to inherit and consider whether certain beneficiaries need a portion of the total estate.
It is also possible that you may want to take into consideration sentimental items. For example, jewelry, family pictures, cars, and other items may be of sentimental value rather than financial worth.
Keep Your Will Updated
The situation within one’s family does not always remain constant. A marriage, divorce, separation, birth of a child, adoption, demise of the beneficiary, or any other alteration in one’s financial condition may necessitate the review of one’s plans.
It is a wise decision to take a look at your will from time to time rather than relying on an outdated will to cater to all your requirements. As suggested by GOV.UK, a will should be reviewed every five years and following any life-changing event.
For anyone considering will planning for families with stepchildren, regular reviews can be especially useful because relationships and financial responsibilities may develop over time.
Conclusion
A complex family structure doesn’t necessarily need to mean a complex wish list. Preparing a will is an option that allows you to make planned decisions regarding who you wish to benefit from your estate.
Families facing issues of remarriage, stepchildren, children of other relationships, and similar situations can find more peace and clarity through planned estate protection.
Complete Estate Protection is an option that allows you to plan carefully regarding your estate and make necessary arrangements.
FAQs
Do stepchildren automatically inherit where there is no will?
Stepchildren who are not adopted in the normal way by the deceased will not usually inherit under the intestacy rules in England and Wales.
Can I provide different amounts for my children in different relationships?
Yes. Different sums can be left or different shares provided for individuals. However, in complicated cases, it is advisable to seek professional advice.
What if I get married but have made a will already?
Getting married may make your will void in England and Wales. This is one thing that needs to be taken into account whenever your personal situation changes.
How often should I review my will?
A will should be reviewed regularly, especially following any major events in your life. GOV.UK suggests that you should review your will every five years as well as following major life changes.
What happens if I die without having made a will?
If you don’t have a will, your estate will be dealt with under the intestacy rules. This will probably not reflect what you would have wanted, especially if you have an unmarried partner, stepchildren, or children from previous relationships.