Don’t Leave it to Chance – Why Making a Will is Even More Important for Cohabitants
When it comes to planning for the future, writing a Will is essential for all of us as it is the only way you can ensure that your wishes are followed and that your loved ones are cared for after your death.
However, the way the law treats cohabitants and spouses can be drastically different, especially where there is no valid Will in place. Whether you are cohabiting with your partner or are already married, it is important to understand the distinctions so that you can make informed decisions when it comes to your planning.
Cohabitants vs Spouses – what’s the difference?
Under most jurisdictions, spouses are recognised under marriage or civil partnership laws. These laws allow certain rights, including the automatic right to inherit from each other even if no Will exists, as well providing inheritance tax emptions for transfers between spouses.
The same cannot be said for cohabitants and despite how many years they may have been living together, they do not have the same automatic right to inherit, unless expressly stated in their Will and crucially they do not benefit from the same inheritance tax exemptions.
Dying With a Will or Without One – does it matter?
If a person dies without making a Will their estate will be dealt with under a set of statutory rules, called the intestacy rules. These rules dictate who can inherit and in what order of priority.
Spouses
Under the intestacy rules, a surviving spouse is eligible to inherit a significant portion, if not all, of their late spouse’s estate and they are given priority over other family members.
Rather than relying on the intestacy rules which do tend to favour spouses, it is still advisable to make a Will. It not only gives freedom and choice to specifically name chosen beneficiaries, but it also ensures the arrangements align with their wishes, especially for spouses wishing to provide for children from previous marriages. Further, having a Will can also speed up the administration of the estate, not only in terms of getting a Grant, but financial institutions can easily follow what the Will says.
Cohabitants
Cohabitants have no guaranteed eligibility to inherit under the intestacy rules. A surviving partner would not be prioritised over other family members and may therefore find themselves having to bring a legal claim before a judge to secure a share of the estate. Proceedings can be lengthy, costly and with no guarantee of the result this could also cause unnecessary heartache at an already tough time.
Therefore, it is even more important that cohabitants make a Will to avoid these difficulties and ensure their intentions are clear and legally enforceable.
Get in Touch
Regardless of your relationship status, a Will can ensure your wishes are respected after you have died. However, it is clear the stakes are often higher for cohabitants because of the lack of automatic legal protections. Whilst successive governments have been lobbied to equalise the rights between spouses and cohabitants, this has yet to come to fruition so don’t leave it to chance and contact one of our Probate, Wills and Trusts team today to discuss how you can protect your family and beneficiaries and future proof your Will planning.
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