Marrying couples ‘must consider importance of wills’

Posted 04/10/2009

Couples have been advised to dedicate time to considering the impact that marriage could have on their wills and financial planning.

Financial advice website lovemoney.com has reminded consumers that marriage represents a significant change to their legal status and that their estate planning should be amended accordingly.

Among the most important concerns highlighted is the fact that getting married will allow consumers to qualify for more lenient inheritance tax conditions.

However, those about to wed were also warned that doing so will invalidate any will written beforehand, unless the document was produced specifically in regard of the marriage.

Failing to rewrite the will could therefore leave a surviving spouse at risk of losing out on a portion of their inheritance.

The site therefore called on those concerned to remember that “getting married is not just the start of a new life together but the beginning of a financial relationship”.

Last week, Martin Reynolds, development director for mortgage and ancillary service distributor PMS, told FTAdviser that as many of 70 per cent of UK residents do not have an up-to-date will, thereby potentially leaving their inheritance at risk.