With Bridget Jones: Mad About the Boy hitting cinemas, fans are catching up with the much-loved heroine as she navigates life as a single mother following the loss of Mark Darcy.
For Bridget, Mark’s passing leaves her solely responsible for their children. But in the real world, failing to put proper estate plans in place can lead to complex legal issues, financial uncertainty, and even disputes over inheritance. So, what does the law say?
1. The Importance of Having a Will
If Mark had a will, his wishes regarding his estate and financial matters would have been clear. But what if he hadn’t made one?
Under UK intestacy rules, when someone dies without a will:
- The spouse or civil partner inherits:
- all personal property (that does not pass by survivorship) and belongings of the deceased;
- the first £322,000 of the estate; and
- half of the remainder (if there are children).
- The children inherit the other half, divided equally.
- If the estate is valued at £322,000 or less, the children do not inherit.
- Unmarried partners, stepchildren, and close friends receive nothing.
Bridget and Mark were married, but if they hadn’t been, she wouldn’t have had an automatic right to inherit—regardless of how long they were together. This highlights why wills are essential, especially for unmarried couples, blended families, or those with specific inheritance wishes.
2. Inheritance Tax and Protecting Your Wealth
For high-earning professionals like Mark, Inheritance Tax (IHT) would also be a key consideration. In the UK:
- Estates valued over £325,000 are taxed at 40% (unless left to a spouse or charity).
- The residence nil-rate band allows parents to pass an extra £175,000 tax-free if leaving property to their children.
- You can inherit your spouses or civil partners unused allowances if they predecease you, potentially doubling your allowance.
- Trusts and lifetime gifts can be used to reduce tax liabilities.
Had Mark planned strategically, he could have protected more of his wealth for his family rather than it going to the taxman.
3. Updating Your Estate Plan
Life changes—relationships end, children are born, careers flourish—so wills and estate plans should be updated regularly. If Bridget moves on with a new partner, she’d need to review her own will to reflect her new circumstances.
Bridget’s Big Takeaway: Plan for the Unexpected
Bridget Jones: Mad About the Boy is a reminder that life is unpredictable. In the absence of a will, estate plan or designated guardianship, surviving loved ones may encounter legal disputes, financial hardship and uncertainty regarding asset distribution and care arrangements.
If you haven’t reviewed your estate plan recently, now might be the time—because much like a rom-com, life can take unexpected turns. Get in touch with our Wills team and plan for your future today.
