Will my partner inherit everything if I die without a will?
It’s never an easy topic to discuss with your loved ones what will happen to your assets when you pass away. But if you’ve ever had to deal with someone’s estate without a will to refer to, it’s a conversation you’ll wish you hadn’t overlooked.
It is a common misconception that your spouse or civil partner will automatically inherit the whole of your estate if you die without making a will, known as intestate. If you do not have a will then there is a set hierarchy in who will inherit your assets and is usually administered by the next of kin. The administrator can’t just divide the estate up as they wish. They must stick to intestacy rules set out by the UK government.
What if my partner and I are not married?
With more and more couples choosing not to marry, it’s said that it’s the fastest growing family type in England and Wales, with the number of couples cohabiting more than doubling to 3.6 million in the last quarter of a century. That means about one in five couples currently living together aren’t married.
As more and more couples are making the decision to live together, purchase a property, and have children without getting married, it raises the question, what does this mean legally if one of you dies?
If you’re not related to your partner either by blood or by marriage, unfortunately they will not automatically inherit your assets when you die, as most people would presume. So, even if you’ve been living with your partner for many years, and have children together, the children would be the first in line to receive your inheritance, and your partner could receive absolutely nothing.
The only way to ensure your partner will receive your wealth in event of your death, without getting married, is to make sure you have a will in place. It’s a simple way to guarantee that your loved ones will be taken care of, and to prevent it becoming a harder time than it already is.
Common law marriage is a common myth
According to recent figures from the Women and Equalities Committee, 46 per cent of people in England and Wales mistakenly assume that cohabitants living together form a common law marriage, automatically gaining rights equal to a marriage or civil partnership.
Evidently people do not realise that cohabiting doesn’t bring any legal protection, such as an automatic claim to a partner’s estate if they die. Those who are not married or in a civil partnership need a will more than anybody. To ensure that you are provided for if your partner dies – and vice versa.
As a result of these figures, it’s calling for changes in the law, such as providing cohabitants with the right to inherit under the rules of intestacy, and reviewing the Inheritance Tax scheme so that cohabiting partners are placed on an equal footing with married couples and civil partners. However, there is no guarantee any changes will happen, and even still, it could still take some time.
Take control of your assets
It’s really important to take control of your assets and make sure you know exactly what your rights are and most of all, it will give you invaluable peace of mind that your wishes will be respected, in the way that you choose.
It’s always a top priority that we discuss this with our clients, so if you have any questions or need some professional advice, the team here at Wealth Experts, are here and we’re happy to help.
