Unmarried couples – the significance of not having a Will
Of my circle of friends, many of us have now had our first child, but less than half of us with children are married. This is probably a fairly accurate reflection of relationships of thirty-somethings across the country.
Regardless of personal opinions and reasons for deciding to marry or not to marry, the law simply does not recognise cohabiting couples when it comes to inheritance. Without trying to be the killjoy at the party, I do from time to time remind my friends that they should consider making their Wills in order to avoid any complications in the unlikely event that either they or their partner dies. Their financial security may depend on there being a Will in place.
Death is something which can be totally unexpected, and considering our own mortality is not a nice thing to do. But making provisions in a Will for partners and children is something which is so important, and gives great peace of mind once done.
The laws of intestacy are laws which dictate what should happen with our assets should we die without a Will. If an unmarried partner dies without leaving a Will, their surviving partner would not be entitled to anything under the laws of intestacy, regardless of the length of the relationship.
The laws of intestacy do make financial provisions for children of the deceased but the situation can become very complicated. Trust situations arise, claims can arise over the estate, expenses can run high and all could be avoided with a simple Will.
The Private Client department at Neves deal with all types of family arrangements and would be able to give comprehensive advice regarding your Wills. We’d be happy to hear from you with your enquiries and would urge everyone with an asset, regardless of their age, to make a Will in order to protect their estate for their loved ones.