Getting married is a wonderful event that will change your life forever. You are taking on responsibility for another person and declaring that you will take care of them for the rest of your life.
Quite often people assume that because they are married it gives them automatic rights in relation to their partner's affairs. It quite often comes as a shock when they find out that, even though they are married and the law does recognise a lot of additional rights as a result, this does not cover every eventuality.
If you had a Will prior to your marriage it will automatically become void as the law assumes that you will want your new spouse to be a beneficiary of your estate. Unless you have made your Will in contemplation of your marriage, it will become null and void. You should therefore consider what you would like to do with your estate and you should have a new Will drawn up.
You may well own property from before entering the relationship with your new spouse. You should now consider whether you would like to add them to the title deeds and give them a share in the property, or whether you would prefer to be cautious and leave them a right of occupation instead.
It is possible to leave your spouse the right to live in the property for their lifetime (or until earlier re-marriage or co-habitation). You could ultimately leave the property to your children or other family members.
Lasting Powers of Attorney (LPA) are also useful for newlyweds who are possibly not yet sharing bank accounts. You may wish to consider a Lasting Power of Attorney for your new spouse to not only deal with your financial affairs but also any Health and Welfare Issues should anything happen to you. These are two important documents that are often overlooked.
An LPA can save a lot of heartache and worry at a later date, should something drastic happen to affect your ability to manage your own affairs. You can also choose someone other than your new spouse to assist with this responsibility.
Our team of trained Consultants can talk you through the issues and help you find the right solution for your needs.
Get your free information pack today, or contact us for more information.