Sunday, 22 July 2012

Your marriage & your will

When getting married it's probably a good idea to have some understanding of the relationship between getting married and your will.

A will is a written legal document that sets out what you want to happen to your estate - your possessions & assets - property, belongings, savings, investments, etc. - after you die. With the median age of marriage in Australia being 31.4 years for men and 29.2 years for women, it's highly likely that the majority of marrying couples will have significant individual estates to consider, and existing wills may be in force in relation to those estates.

'Last will and testament' - image from East Coast Lawyers
But, as a future bride or groom, do you realise that your coming marriage will affect the state of your pre-existing will?

Actually, it will automatically cancel or revoke the existing will, unless it's made clear in the will that you were planning to marry!

So, along with all the wedding planning, you might also want to consider estate planning.

Not something you want to think about at one of the happiest times of your life? Probably not. But you really should! For your peace-of-mind as a newly-wed couple.

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