{"id":2089,"date":"2021-02-14T14:06:47","date_gmt":"2021-02-14T14:06:47","guid":{"rendered":"https:\/\/family-matters.co.uk\/?p=2089"},"modified":"2021-02-14T14:06:47","modified_gmt":"2021-02-14T14:06:47","slug":"how-do-i-protect-my-assets-in-a-second-marriage","status":"publish","type":"post","link":"https:\/\/family-matters.co.uk\/estate-planning\/how-do-i-protect-my-assets-in-a-second-marriage\/","title":{"rendered":"How do I protect my assets in a second marriage?"},"content":{"rendered":"

A Guide to Estate Planning For Second Marriages<\/h2>\n

Getting married for a second time can feel like a fresh start. But it\u2019s important to consider how combining your life with someone else’s may impact your future financial planning when it comes to protecting those you love.<\/p>\n

It can be difficult to determine what is fair in a second marriage when it comes to estate planning in the UK. This is especially the case when you or your new spouse are bringing children into the marriage. You might even go on to have children together at some point who will need providing for should one of you die. Understanding some of the key financial issues surrounding second marriages can help with managing your inheritance tax planning in the UK so we have put together some of the key information to get you started. Feel free to contact us <\/a>if any of these issues apply to you or to enquire as to how we can help you with your estate planning needs.<\/p>\n

Marriage And Inheritance Tax In The UK<\/h3>\n

If you marry, it’s very important to know two things:<\/p>\n

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  1. Your previous Will is immediately revoked as soon as you marry, unless it was expressly made with your marriage in mind.<\/li>\n
  2. Unless there is a valid Will in place which states otherwise, your new spouse will stand to inherit the first \u00a3250,000 of your Estate, and half of the remaining Estate, should you die first, even when leaving children surviving you.<\/li>\n<\/ol>\n

    These inheritance tax laws apply in England and Wales regardless of whether you are entering your first, second or third marriage, even when there are children from a previous relationship. This is because under the Rules of Intestacy, your spouse is given ‘priority’ over your children and so will be the main Beneficiary.<\/p>\n

    If you do not have a valid Will in place when you die, your spouse could receive everything, and your children could inherit nothing or very little. Let\u2019s look at this a little more closely…
    \nHow Do I Protect My Assets In A Second Marriage?<\/strong><\/p>\n

    Subsequent marriages can prompt many considerations for estate planning in the UK. Both spouses should be aware of a number of key issues such as:<\/p>\n