June is Pride month! Happy pride to the LGBTQIA+ community.
The month highlights the opportunity for couples in the LGBTQIA+ community to focus on prudent estate planning and one thing you can take control of easily is your Will.
Anna Woodcock, trainee solicitor in the private client team at Wake Smith looks at some important things to consider.
Have you married or entered into a civil partnership or planning on doing so?
A new marriage or civil partnership will void your Will unless you have made provision for it.. and divorce does not!
Are you in a long-term relationship but marriage or civil partnership is not on the cards?
Life partners are not entitled to inherit if you have no will. If you die without a Will, everything you own passes under legal rules known as intestacy rules, meaning your life partner will get nothing and an estranged family member may get everything.
Do you have children or stepchildren from a previous or current marriage though adoption or surrogacy?
Consider creating a trust to ensure your loved ones receive what you want them to receive.
Have you considered what will happen to your pets when you are no longer here?
There are many options regarding gifting and guardianship that you can include in your Will.
Have you or a family member transitioned?
Consider what impact this may have on inheritance. It is very important to review your Will to ensure that any gifts you want them to receive will still be valid. Misgendering does not necessarily mean the gift will be invalid, however it is important to review and seek advice if you are unsure.
Have you supported charities in your lifetime or received support?
Consider leaving them a legacy in your Will to give something back…and take advantage of the tax savings that charitable gifts attract.
Who do you want to take care of your affairs for you when you are no longer here?
Executors should be people who know you and you trust to carry out your wishes. You can choose 1-4 people to be your executors, and you may want someone who knows your lifestyle and the people important to you.
Your next move?
If you have any questions, or would like to book an appointment to review or write your Will, please contact our Private Client Team on 0114 266 6660.
We can take instructions over the phone, via teams or face to face – come along to our office for a cuppa – we can always come to you too.