Love is all you need . . .
. . . or is it? You may appreciate the sentiment from John Lennon but in terms of love and law, Wills are what you need!
In 2021, the ONS stated that 50.6% of UK couples are married or in civil partnerships. Meaning barely half the couples in this country are protected by the law. Plus, as only 4 in 10 adults have a Will, the chances of being in a relationship and not having a Will are quite high.
Love, Wills and the law
Married couples and civil partners will inherit some, if not all, of their spouse or civil partner’s estate when they die without a Will (known as an ‘intestacy’). Unmarried couples don’t have this right and could end up making a complicated court claim to receive any benefit from the estate.
You might not believe in the institution of marriage, but ‘common law’ is not a legal definition. It’s a myth that you are automatically entitled to anything from your ‘common law’ partner if they die unless it says so in their Will. Put simply, no marriage (or legal partnership) and no Will might equal no inheritance.
Modern romance
There are also inheritance tax (IHT) advantages available to married couples and civil partners which are not available to unmarried couples. If you think your estate may be liable to IHT, there’s no better time to pop the question. Who said romance was dead?
If proposing, even for practical reasons, is not for you, it’s advisable to have a Cohabitation Agreement in place to avoid disputes in the event of relationship breakdown.
Love is wonderful, and the law can certainly help keep it that way by ensuring you plan ahead. Benefit from choosing one seamless legal team to organise your Wills, plan your estate and set up your Cohabitation Agreement.
