Inheritance query

AT22

Hi all,

My parents are currently divorced, were separated for a while, but are now back living together in the family home. They are thinking of remarrying, giving the reason as for “the benefit of my inheritance.”

i am trying to find out some facts to be fully informed for myself on this, as I have been asked my opinion on the marriage.

Can anyone give me some advice as to whether them being married will actually be advantageous for my inheritance? 

I can only find info online regarding second marriages (this is a second marriage, but to the same person) or children who are not from one or other of the potential spouses.

Keep_pedalling

We can’t answer that without a lot more detail with regard to their current net worth, but in general for anyone with assets over £325k their marital status is going to be important in that it will avoid an IHT liability on the first death because of spousal exemption and any unused exemptions can be transferred to a spouse on the second death. This is particularly important if one of them has significantly more assets than the other.

Apart from marriage civil partnership is also an option.

AT22

That’s great. Thanks very much for getting back to me. This makes sense, then, as their position fits both of those - they each have assets over £325k, and one parent (on paper) owns significantly more than the other.

That’s very helpful to me, to know that the reason given does at least stack up, (even if I don’t think it should be the primary concern!), so thanks again

lm1981

It’s worth keeping in mind changes could be coming October 30th with budget 

Keep_pedalling

A couple of other things to think about. Remarrying may be beneficial as far as pensions are concerned. They should also make new wills if they go through with this.

TBagpuss

Keep_pedalling said:

A couple of other things to think about. Remarrying may be beneficial as far as pensions are concerned. They should also make new wills if they go through with this.

Yes, make sure that they know that marriage automaticlly revokes and previous will so it is very importnat that they do make up to date wills once they marry or'in contemplation of marraige', particuarlly if they want to protect your inheritnace by (for instance) each leaving the other a life-interest in any property with it then going to you , or if either or both of them would be planning to leave somethng to you rather than all to the other thento you on the second death. 

MeteredOut

Keep_pedalling said:

A couple of other things to think about. Remarrying may be beneficial as far as pensions are concerned. They should also make new wills if they go through with this.

And maybe a pre-nup, justin case...