If you are married and your estate is worth more than £250,000?

You are here: Home » If you are married and your estate is worth more than £250,000?

If you have children from the marriage…
Your wife/husband gets the first £250,000 plus all possessions and half the remainder. The children share the rest.

This can be complicated because if your children are minors their share will be held in trust until 18.
Nobody would choose this by design.
Writing a Will lets your loved ones and others know you cared enough to sort things out in advance.
No opportunity to make other gifts or arrangements
Will your wife/husband have access to immediate funds?
What about your funeral ? No wishes expressed, maybe no financial provision
Your estate will be handled by a person you did not choose and a professional will charge your estate for costs and expenses.
Your estate will probably take much longer to conclude
In a Will you can make provision for a situation if both of you die
A Will allows you to choose a guardian for any children under 18, otherwise the Local Authority will decide what happens to your children. This is a lengthy and difficult process for everyone.

 

If there are no children from the marriage…

Your wife/husband gets everything.


Writing a Will lets your loved ones and others know you cared enough to sort things out in advance.
No opportunity to make other gifts or arrangements
Will your wife/husband have access to immediate funds?
What about your funeral ? No wishes expressed, maybe no financial provision
Your estate will be handled by a person you did not choose and a professional will charge your estate for costs and expenses.
Your estate will probably take much longer to conclude
In a Will you can make provision for a situation if both of you die

 

Close Comments