Getting married in Essex can be one of the most wonderful things two people will ever experience in the whole of their lives. With its wonderful open countryside and stately homes, Essex can be an amazing place to get married. But what about married life? What about your Estate Planning? Laura Richardson now considers some of the key Estate Planning issues associated with getting married in Essex in the article that follows . . .
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Wedding season is in full swing across Essex, but amidst the hats and confetti, there are some very important decisions to be made once you say “I do”. With this in mind, Andrew Douglas Wills and Legal Services have compiled some of the key estate planing issues that you need to consider regarding marriage and your future life as husband and wife if you are planning on getting married in Essex –
- Whilst you probably do not wish to consider your death so soon after getting married, it is extremely important to make sure that you make or update your Will as soon as possible following your marriage. Marriage is a legal status with legal implications upon your estate when you die. There are different options available and whether you wish for an individual Will or Mirror Wills, Andrew Douglas Wills and Legal Services will be happy to discuss your wishes with you.
- Whilst updating your Will you may also wish to appoint guardians for any children under the age of 18. This will give you the peace of mind that should you both lose your lives, your children will be cared for by a suitable person chosen by you.
- Depending upon how you wish to live as a married couple, and the financial arrangements that you put in place, it may be advisable to consider taking out a Life Insurance Policy. This would give you the peace of mind that your spouse would be able to financially support themselves, if only for a period of time, should the worst happen.
- And finally, some advice for your guests! It is common for wedding guests to bestow a gift upon the happy couple, and recently it has become more popular in Essex to give a cash gift. However, there are legal implications of gift giving! Some gifts can be subject to Inheritance Tax should you die within the initial 7 years of the gift donation. However, there are exceptions to this rule specifically for wedding gifts. A parent whose child is getting married can gift up to £5000, a grandparent up to £2,500 and any other person can gift up to £1,000 and all of these gifts will be exempt from Inheritance Tax should the giver of the gift die within the initial 7 year period. Inheritance Tax planning involves in-depth regulations, so if you have any concerns about the implications for your estate, it is important that these are discussed with qualified professionals such as Andrew Douglas Wills and Legal Services.
Should you wish to find out more about anything related to this article, Andrew Douglas Wills and Legal Services offer a free initial consultation in order to discuss your legal requirements. Contact us today to book your consultation via www.andrewdouglaswills.co.uk to find out more about how we can help you to protect both yours and your partner’s interests if you are getting married in Essex.
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