It has been reported recently by This is Money that more people are now entering into new relationships much later in life, creating a greater need for expert advice. There can be a lot to consider, with concerns such as how assets should be divided in case the relationship breaks down later, or how assets are passed on following a death, becoming more of a concern.
Some examples of legal consequences/considerations clients are not always aware of include:-
- That on entering into marriage or civil partnership any previous Will made is revoked and the rules of intestacy are substituted for the previous Will’s terms;
- Subject to the circumstances of the relationship new dependencies can be created which may mean that the survivor (or their wider family) has a legitimate claim against the other’s estate following death;
- There is also the question of how cohabitation and pre-nuptial agreements, made between parties prior to marriage, can help protect an individual’s position and own assets.
Richard Neea, Head of the Wills, Tax and Probate Department at Enoch Evans LLP has encountered these issues numerous times over the years and comments ‘Second marriages and later relationships are now much more commonplace than ever before. The complex legal landscape means that it is absolutely essential for those involved to receive tailored advice, as all situations are unique. In some circumstances an updated Will may be sufficient to cover everyone’s interests, in others cohabitation agreements or pre-nuptial agreements may be part of the answer. It is vitally important to ensure that any advice received is independent and looks at matters from all angles, in order to then be able to achieve the best possible results.’
The expert lawyers in the Wills, Tax and Probate team at Enoch Evans LLP have a wealth of experience in advising upon and drafting Wills. The team based in Walsall and Sutton Coldfield are also experts in providing bespoke advice upon how best to reduce the Inheritance Tax that will be due on death. The Department is accredited by the Law Society for membership of its elite Wills and Inheritance Quality Scheme (‘WIQS’). Enoch Evans LLP are also happy to store client’s Wills securely; this offers client’s peace of mind that the Will can easily be located by your Executors following your death and that your wishes will be followed.