Inheritance Tax (IHT) is primarily a charge on your assets on death, including your share of assets jointly held with another person. However, lifetime gifts made within seven years prior to your death can also be brought back into charge. IHT is also...
Wills & relationship breakdown
In the event of a relationship breakdown, it is likely that your personal and financial circumstances will alter. It is vital that you update your Will to reflect these changes. We have the expertise to help.
Consider your new circumstances
During a relationship breakdown, your main residence, your assets and your family circumstances are all likely to be affected. Any provision that you have made in an existing Will may no longer be in accordance with your wishes.
If you do not have a Will in place then the ‘intestacy’ rules will apply in the event of your death. These are unlikely to carry out any wishes that you may have. For example, if you were to die without a Will, your spouse would remain the main beneficiary until your divorce is finalised.
Revise or write a new Will
Once a divorce has been completed, your existing Will (should you have one) is still valid, although any bequest to your former spouse or any appointment (for example as an executor) would no longer take effect. However, any bequest or appointment relating to your former spouse’s family would still apply. If you have children then it is important to consider who will take decisions on their behalf and who would manage their inheritance.
Whether you are in the early stages of separation, or if your divorce has been finalised, it is important that you have a valid and up-to-date Will. We have lots of experience of helping those dealing with the consequences of relationship breakdown.
Our wills & probate solicitors can arrange meetings at any of our local offices in York and across Yorkshire, so simply contact your nearest Harrowells office in York, St Saviourgate, Clifton Moor, Easingwold, Haxby, Pocklington, Malton, and Thirsk.