In today’s modern society, many individuals find themselves in second marriages where their new partner may already have children, including adult step-children. It is important to understand that under English inheritance law, step-children, unless formally adopted, will not automatically inherit your estate upon your passing. This becomes particularly crucial when step-children are of adult age, making adoption impossible. However, there is a simple solution to this issue – writing a Will that explicitly includes your step-child as a beneficiary. In this blog, we will explore the significance of naming step-children in your Will and how Farsight Wills can assist you in securing your family’s future.
Why Your Will Matters:
If you have already created a Will, it is essential to review its contents regarding any mention of “children” or “grandchildren.” For instance, your Will might state:
“I leave the sum of £1,000 to each of my grandchildren alive at the date of my death.”
This provision means that only grandchildren related by blood or adoption, who are alive at the time of your passing, will receive £1,000 from your estate. It does not automatically account for step-grandchildren or grandchildren born after your death. If you wish to include step-grandchildren and ensure they receive £1,000, the best approach is to explicitly name them in your Will.
Exercising Your Freedom:
Your Will grants you the freedom to distribute your estate to those individuals who hold the utmost importance in your life. If you have step-children or step-grandchildren whom you want to inherit a portion of your estate upon your passing, creating a Will is crucial. It ensures that your assets go to the individuals you care about the most, irrespective of blood ties.
Farsight Wills: Helping You Secure Your Legacy:
At Farsight Wills, we understand the significance of family dynamics and the desire to provide for step-children and step-grandchildren. Our team of expert legal professionals is committed to assisting you in ensuring that your estate passes to the people who matter most to you. We offer comprehensive Will-writing services tailored to your specific needs.
Free Home Visits in the Forest of Dean and surrounding area:
To make the process as convenient as possible, Farsight Wills proudly conducts free home visits throughout the Forest of Dean and beyond. Our dedicated team will visit you in the comfort of your own home, discussing your wishes and helping you draft a Will that precisely reflects your desires, including the inclusion of step-children as beneficiaries.
Take Advantage of the Inheritance Tax Residence Nil Rate Band:
In a change to established legal definitions, the new Inheritance Tax Residence Nil Rate Band now includes step-children within its definition of “direct descendants.” This means that step-children can benefit from this allowance, potentially reducing the inheritance tax liability on your estate. By consulting with Farsight Wills, you can receive expert guidance on utilizing this beneficial provision to its fullest extent.
Get in Touch:
If you find yourself in a step-family or have step-grandchildren and are concerned about ensuring their inheritance, we urge you to contact Farsight Wills today. Our compassionate team is dedicated to helping you navigate the complexities of inheritance law and securing your legacy. Schedule a free home visit in the Forest of Dean or Swindon reach out to us via phone or email. Don’t leave your loved ones’ futures to chance – let Farsight Wills provide the peace of mind you deserve.
Secure your family’s future with Farsight Wills – your trusted partner in estate planning.
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