If you are in, or planning to enter into, a second marriage it is essential that you write a new will as soon as you marry. It is even more important if you have children from your first marriage that you want to leave a legacy to.

But why is it so important? And what will happen if you don’t write a will? In this article we break down the most common questions around second marriages and wills!

 

But I already have a will?

It might surprise you to find out that remarriage nullifies any existing will that you have put in place. The more complicated family arrangement means that a new will should be high on your list of priorities after you remarry.

If you do not create a new will, the intestacy laws can have serious implications for your blended family, including the shared inheritance of property.

 

What rights does my new spouse have?

Under the intestacy laws your new spouse could potentially inherit everything you own, depending on the value of your estate.

If your second spouse outlives you, children from your first marriage could ultimately end up inheriting nothing. If your second spouse inherits your entire estate, it will pass to their children upon their death, not yours.

 

How do I ensure both my children and spouse are looked after?

Many people find the best way is to create a trust for their children, allowing their spouse use of the assets during their own lifetime whilst still ensuring that their children receive the assets after their spouse dies.

 

What about our shared assets?

If you own you home with your spouse, it may be an idea for it to be owned as tenants in common rather than joint tenants. If you own it as tenants in common you can each leave your share to whoever you wish, most commonly held in trust until both partners have died. If you own the house as joint tenants the property will automatically pass to your partner upon your death, meaning children from a previous relationship may not ultimately inherit anything.

 

If you are dealing with the estate of someone who has died, you may need to obtain a Grant of Probate or, if they did not leave a Will, a Grant of Letters of Administration. This is the document that gives legal authority to the deceased’s personal representatives so that they can finalise their affairs.

In some instances, where the estate is small, it may be possible to wind up an estate without probate, but if the deceased held bank accounts on the Isle of Man it is probable that the bank in question will ask to see a grant of probate before they will close the account.

If the deceased owned a property, then a grant will be essential if the property is to be sold.

What happens to a property when someone dies

When someone dies and leaves a property in their estate, it may need to be sold or transferred.
If the property was jointly owned, then what happens next depends on the type of joint ownership.

Joint tenants

If a property is held by more than one person as joint tenants, then if one of them dies the property automatically becomes wholly owned by the other joint tenant or tenants. A copy of the death certificate can be sent to the Land Registry who will update their records.

This means that property that is owned as joint tenants cannot be left to anyone else in a Will.
A grant of probate is not necessary as ownership by the remaining joint tenant or tenants is automatic, although it may still be required to deal with the other assets in the estate.

Tenants in common

If property is held jointly by the owners as tenants in common, then it will pass under the terms of the Will of the person who has died or, if they did not leave a Will, in accordance with the Rules of Intestacy.

For more information about who will inherit in this case, see our article What are the consequences of dying without a Will?

In this case, a grant will generally be necessary to deal with the transfer or sale of the property as it will form part of their estate and will usually mean that the value of the estate is high enough that probate or letters of administration are needed. Only small estates, usually valued at less than £5,000, will not need a grant for their administration.

Selling a property after someone dies

If the property will form part of someone’s estate after they die and it needs to be sold, a Grant of Probate or Grant of Letters of Administration will be needed.

If you are responsible for the winding up of the estate, you will need to apply to the Isle of Man Probate Office for the grant. You can go ahead and put the property on the market in the meantime, but you should make sure that the estate agent and potential buyers know that you will not be able to complete the sale until the grant has been issued. Provided the forms are completed correctly and the right fee is included, you can expect to receive a grant of probate in around four weeks.

Probate granted in another jurisdiction cannot be used to deal with Isle of Man assets.

Dealing with probate on the Isle of Man

If you have been given the task of administering an estate after someone’s death and you need assistance with obtaining a Grant of Probate or selling a property, we will be happy to help.

We have experience across all types of estate administration, including complex and high-value estates. We also have one of the largest and most experienced property teams on the Isle of Man.

Contact us

If you would like to speak to one of our expert probate lawyers or property lawyers contact us today.

For a no obligation initial consultation or to make an initial free enquiry, please call our team on 01624 665522, email us at email us: hello@quinnlegal.im or fill in our online enquiry form.

 

Both an Enduring Power of Attorney and an Advance Decision are important documents to put in place for a well-planned future. Together with a Will, they not only ensure that your affairs will be dealt with in the way that you wish, but that your loved ones will understand what you wanted when the time comes.
Both an Enduring Power of Attorney and an Advance Decision can be used in the event that you become unable to make your own decisions.

Enduring Power of Attorney

An Enduring Power of Attorney gives legal power to your choice of trusted representative so that they can make financial decisions on your behalf.

If you should lose the ability to manage your affairs, it could be very difficult for your family to deal with bills and other administrative tasks if they do not have the necessary authority. They would need to apply to the court to have a receiver appointed to deal with your affairs and in the interim it could mean that nothing can be paid for on your behalf.

If you appoint an attorney, you can choose who you would like to deal with your finances. In the event that you cannot manage matters yourself, they can register the Enduring Power of Attorney with the court so that they can act for you.

Advance Decision

An Advance Decision records your decision to decline certain medical treatment, should you want to, in the event that you become unable to communicate your wishes.

It can help both your loved ones and your doctors to know what you would like to happen with respect to your medical care.

You can specify in an Advance Decision if you wish to decline treatment such as artificial feeding and hydration, heart resuscitation, antibiotics and being put on a ventilator. You cannot ask to end your life or refuse general care or oral food and drink. Nor can you nominate someone to make medical decisions on your behalf.

If you decide to make an Advance Decision, it can help to discuss this with your doctor, and you should also make sure that they have a copy of the document once it has been executed so that it can be kept with your medical records.

Complete peace of mind

Putting an Enduring Power of Attorney and an Advance Decision in place can give you the peace of mind of knowing that your wishes will be put into effect on your behalf, should you ever become unable to express them yourself.

It can also provide comfort to your loved ones to know what you would like to happen. It also reduces the risk of misunderstandings or disagreements between family members over what they think should be done on your behalf.

As well as putting the documents in place, you should ideally discuss them with your relatives so that they know what your plans are and that there are legal safeguards in place to back these up.

It is also advisable to draw up a Will so that you can be sure that your estate will be dealt with in the way that you would like and that your loved ones will benefit from your estate.

Contact us

At Quinn Legal we are offering a package service, which includes a Will, an Enduring Power of Attorney and an Advance Decision.

We have a new client platform to help you put these three important documents in place, or please feel free to call us to discuss your needs and to raise any queries.

For a no obligation initial consultation or to make an initial free enquiry, please call our team on 01624 665522, email us at email us: hello@quinnlegal.im or fill in our online enquiry form.