‘You’d be mad to marry later in life’- why this is absolute nonsense!

I recently read an article entitled ‘you’d have to be mad to marry in later life’ where the author pointed out that marriage in your later years would most likely disinherit your children, cause family disputes and result in costly solicitor fees to sort out your estate. She cited ‘inheritance tax laws being so complicated’ as a reason not to remarry, and, after quoting all of these reasons, stated that later marriages are a ‘late-life lunacy’.

I decided I wanted to respond; as I believe that marriage should be about love and not money! And besides, any hiccup that could be incurred can be very easily fixed with good legal advice and an appropriate Will! In fact, by preparing for the future, you can ensure your family are better cared for (and not disinherited), rather than leaving it up to the Government inheritance rules (this is truly the time that the process can become costly if it is not the deceased’s wishes).

With regards to Inheritance Tax, married couples are indeed much better off. I recently spoke to a couple who approached me for tax advice following the sad death of the husband’s sister. The sister, who had an estate worth about £1 million, had received a tax bill of around about £300,000. The couple, whose estate was worth about £850,000, were therefore surprised to learn that their Inheritance Tax bill would be £0- due to their marriage. Had they not sought advice from a solicitor, they would have attempted to solve their ‘tax problem’ themselves:- this usually makes the process much harder!

Additionally, marriage and joint ownership of assets proves very useful for care home planning and protection of your assets (see our blog later this month), and sole ownership of a property guarantees a need for a Grant of Probate.

Are you thinking about getting married, or are you already married and want to make a Will? Speak to one of our expert specialist lawyers who will be pleased to walk you through the process.

Appointments are available at our Market Harborough, Leicester and Wigston branches, or we can visit you at home. Call us on 0116 212 1000 to arrange an appointment today.

#Lawson-West #LaterMarriages #InheritanceTax #Wills #EstatePlanning #UseAProfessional #LegalAdvice

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