Spouse

Leaving People Out – Spouse

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Want to make a start on your will?

Making a Will is not about wealth it is about making sure that what you want to happen to your estate does happen. It gives you the opportunity to specify such things as who will administer your estate, who will care for your children and who will receive specific items of your property.

You will obviously want to know that your spouse can survive financially after your death. You may have entered into a second marriage after the death of your previous spouse or you may have been divorced.

We have already considered provision for the survivor in these situations and the benefits of a life interest over an absolute gift.If your spouse is adequately provided for because she has substantial assets in her own name or you have generous death-in-service benefits that will go to her, omitting her from the will may not be unreasonable.There may often be tax reasons for leaving assets to your children rather than your surviving spouse.

If your combined estates are over the inheritance tax threshold, then it makes sense to utilise the nil rate band for inheritance tax in each will by benefiting persons other than the surviving spouse.

Find out more – Leaving People Out – Former Spouse or Leaving People Out – Cohabitant
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