It is important to note that cohabitees (unmarried partners) do not benefit from the same rights as married couples on death. There is also the myth of a “common law husband/wife” which the law does not recognise.
If you are cohabiting (living together) and you want your cohabitee to benefit from your estate, you must make a Will to ensure your wishes are followed. If you don’t, your share of property, bank accounts, shares etc will not automatically pass to them. They will pass according to the intestacy provisions (i.e. to blood relatives such as your parents, siblings or children).
How do you own your property? If you own property as tenants-in-common, again your share would not automatically pass to your Co-owner/cohabitee. This could mean that your cohabitee may have to move out and sell the home that you have lived in together.
Inheritance Tax: Cohabitees do not benefit from spousal exemption from inheritance tax and do not have the same transferable allowances as married couples.
By choosing Martyn Prowel Gartsides to advise you and prepare your Will we can assist with:
- Checking how you hold your property
- Ascertaining the value of your estate; calculating any potential inheritance tax bill and advising on how you might mitigate the same
- Preparing a Will to ensure your loved ones benefit from your estate