The last episode, aired in 2019, ended on a cliff-hanger when Nessa got down on one knee and proposed to Smithy, but the question in everyone’s lips is - did Smithy say yes?
It looks like we might get our answer this Christmas!
Whilst I am sure that Nessa & Smithy will have a lot to organise ahead of their wedding (hopefully!) there are other ‘life admin’ tasks that they ought to be thinking about.
Interestingly, the act of marriage will revoke any existing Wills that Smithy and Nessa might already have in place, so it would be important for them to think about updating their Wills before their wedding to ensure that they are made in contemplation of the marriage and therefore won’t be revoked.
If they were to marry without making new Wills, then they would die Intestate (without a Will) which means that they wouldn’t necessarily inherit everything from each other on first death.
What Are The Intestacy Rules?
The Intestacy Rules set out a specific order in which your relatives will inherit your estate, should they survive you. If all your immediate family have died, then this could mean that more distant relatives will inherit, and this may not be your wish. There is no provision in the Intestacy Rules for stepchildren, non-family members or charities/organisations. If there is no family at all, your money may pass to the Crown.
Many people consider a Will to be something that you do “when you’re old”. But in fact, it is important that everyone over the age of 18 has a Will.
It is even more important to keep the Will up to date and to review it when financial or family circumstances change, or at least every few years.
If you already have a Will, it is equally important to review it, to make sure that it still meets your needs and reflects your current wishes.
Who Will Deal With Your Affairs?
If something happens to either or both of Smithy and Nessa, then they might have specific wishes about who they’d want to sort out their affairs and deal with their estates after death. They’d therefore need to appoint Executors in the Will to take on these responsibilities.
Who Should I Leave My Estate To?
Having Wills in place that won’t be revoked by marriage will allow Smithy and Nessa to plan who they want to leave their estates to. Perhaps Nessa will finally win big on the slots and have a substantial estate to leave her son, 'Baby Neil'!
Appointing Guardians
'Baby Neil' is only 15 and is therefore considered a minor. Nessa and Smithy should therefore be thinking about who they'd like to take care of 'Baby Neil' until he reaches the age of 18 in case they should both die before he does so. Wills can be used to appoint guardians and perhaps Gavin and Stacey would be good candidates.
Funeral Wishes
I can imagine that Nessa and Smithy’s wedding will be quite an event, and they might have similar wishes in respect of their funeral arrangements. Nessa and Smithy can therefore use their Wills to set out what their funeral wishes would be to ensure that they get the send off that they want.
Conclusion
When thinking about preparing a Will, you should always seek legal advice as your solicitor will be able to guide you through the process ensuring that the formalities of a valid Will are met.
Your solicitor can also advise you about any potential claims that may be made against your estate or any challenges brought to your Will, and they will be able to put measures in place and take steps to protect you, your estate and your chosen beneficiaries.
Further to this, they can advise you about any trusts that might be suitable depending on your circumstances and give you advice to mitigate any inheritance tax burden.
Next Steps...
If you would like more information about preparing your Will, please contact Charlotte Day at c.day@timms-law.com or on 01283 214 231.