As a home owner whether married or in a civil partnership your property will probably pass to your spouse or civil partner when you die. So what happens when a married home owner dies?
However the future life circumstances of your spouse or civil partner will determine whether or not your beneficiaries (children) will eventually receive what you had intended them to receive! Unfortunately it’s not as simple as it seems!
Most wills state that on the first death in a couple, the property is automatically owned by the surviving spouse or civil partner. However, a huge problem can arise if the survivor re-marries. At the point of marriage the original will is nullified, leaving the estate ‘intestate’. This means the estate is now distributed in accordance with the rules of intestacy as per the law in England and Wales. Intestacy – who inherits if someone dies without a will? – GOV.UK (www.gov.uk)
If then, after re-marriage the survivor dies and has not made a new will, it is highly likely the new spouse or civil partner will inherit the estate (according to the rules of intestacy) and leaving any beneficiaries dis-inherited. I call this ‘accidental dis-inheritance of your beneficiaries’.
This potential problem can be solved relatively easily through professional and experienced estate planning and trusts. PROPERTY PROTECTION TRUST – Wills in Bideford North Devon – Kenton Baker
So what happens when a married home owner dies? To protect your loved ones, your beneficiaries and your hard-earned estate book a FREE call with Kenton.