More and more couples in the UK are choosing to cohabitate and live their lives together instead of getting married. However, the MSE team warn that if you choose to do this, then writing a will takes on an extra importance
Martin Lewis’ MoneySavingExpert.com team has issued a “crucially important” warning to millions of couples who are living together but aren’t married.
More and more couples in the UK are choosing to cohabitate and live their lives together instead of getting married. However, the MSE team warns that if you choose to do this, then it is important to write a will. As marriage and civil partnerships are technically legal contracts, you have more protections in place which will support your partner if you die.
This also helps dictate where your belongings, property and valuable goods go when you’re gone. However, if you are only living together then the same support does not apply – even if you have been together for decades. MSE says that if you don’t have a will, it means you die as an “intestate” and this means your estate – so your money, belongings, property etc – is subject to intestacy rules. This could see your partner left with nothing.
If you die without a will, the procedures vary based on the specific region within the UK where you live. The MSE explained that in England and Wales, the intestacy rules will mean that when one member of a couple dies, if you do not have children together your entire estate will go to your parents.
If your parents are not around anymore, then it goes down to your next closest blood relative – most likely your siblings if you have any. However, if you do have children then your estate goes to them and bypasses your partner. If your children are no longer around, then any children they had would inherit.
If you have no blood relatives then your entire estate ends up in the hands of the Crown. In Northern Ireland, estates go to parents, then siblings, grandparents and any surviving aunts and uncles if there are no children involved. Scotland has more complicated rules which is based on the value of your home, savings and possessions – these rules are further complicated if you have children.
In regards to your property, it is all dependent on whether you own the home as “joint tenants” or “tenants in common” basis. If you and your cohabiting partner own as joint tenants, the property is not subject to intestacy rules and full ownership will automatically passed onto them. However, if you are tenants in common your share of the property will be subject to intestacy rules. This means your partner likely won’t be entitled to it.
Similar arrangements exist in Scotland – if there’s a survivorship clause listed in the property’s title deeds, it will pass to the named survivor automatically, otherwise, intestacy rules apply. Many couples in the UK are under the assumption that they are protected under “Common Law” marriage, with this being one of the reasons why a will has not been written. However, Martin Lewis has previously said that when it comes to inheritance, “this is virtually meaningless.”
If you want to write a will, then you can write one for free each March and October as part of Free Will’s Month – although you need to be 55 and over to get this. The service is free, on the hope that you will leave something to charity – the typical donating is around £300 to £500, but it is up to you. Hundreds of solicitor firms across the UK normally take part, though different areas participate in different months.
