Cohabiting: protect yourself by writing a Will

Unfortunately, there’s no such thing as common law marriage in the UK, which means that cohabiting couples have barely any rights to protect what’s theirs in the event of a relationship break-up or the death of a loved one.
But there is a way to help protect yourself and your assets when cohabiting – writing a Will.
Most people know that having a Will in place enables you to nominate who should receive items of monetary or sentimental value, such as jewellery, property or furniture, in the event of your death.
But, above all, a valid Will avoids the potential pitfalls of dying intestate which, in the case of partners who are not legally married or in a civil partnership, could be problematic. In such circumstances, the surviving partner has no automatic right to the other’s inheritance.

Why a Will could be important to…

• Those with dependents If you have young children, a Will is the best way to clarify who should look after them should you / your partner die.

• Business owners: Are you self employed, in business with others, or a major shareholder in a limited company? It’s worth considering how your business assets would be dealt with in the event of your death, without adversely impacting your family or the business itself.

• Those with a Life Insurance policy: Taking out a Life Insurance policy gives you valuable peace of mind: you know you’ve protected your family against financial hardship, should the worst happen. Putting your Life Insurance in trust avoids delays at a stressful time for your loved ones, and protects any claim settlement from the taxman.

Getting help

Any Will must be drawn up accurately, avoiding ambiguities, and executed correctly for it to be valid and effective. As such it is always worthwhile using experienced professionals to take your instructions and to draw up the Will itself.
A proper consultation with a Will writing expert will allow you to explore ways in which to reflect your wishes in the most tax-efficient way.
If you need to write a Will, we can refer you to an expert to prepare it for you.
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