Understanding the Legal Landscape for Cohabiting Couples
Cohabiting couples represent the fastest-growing family type in the UK. Despite the increase, many are unaware that they lack the same legal protections as married couples or civil partners, especially when it comes to estate planning and the creation of Wills. At Futura Planning, we emphasise the importance of having a Will to protect your loved ones and ensure that your wishes are carried out upon death. Without a Will, the laws of intestacy could result in your partner being left with nothing.
Why Do Cohabiting Couples Need a Will?
The absence of a Will means that the laws of intestacy will apply, leaving your partner without any inheritance rights. Whereas married couples and those in civil partnerships have automatic legal protection regarding inheritance, property rights etc. These do not apply to cohabiting couples. Here are some vital reasons why cohabiting couples must make Wills:
The Process of Making a Will for Cohabiting Couples
Step 1: Identify Your Key Objectives
Firstly, clarify your objectives. Do you want to ensure financial security for your partner? Are there specific belongings or investments you want to bequeath to certain individuals? Understanding your goals will make the process smoother.
Step 2: Collect All Necessary Information
Having all relevant information at your fingertips will simplify the process. Make a comprehensive list of:
- Properties owned
- Savings accounts
- Investments
- Personal belongings
- Digital assets
Step 3: Decide on Executors and Beneficiaries
Choosing executors and beneficiaries is a pivotal step. Ensure that selected executors are capable and willing to undertake the duties. Additionally, specify who will inherit your assets, whether that be your partner, children, relatives, or charities.
Step 4: Consider a Life Interest Trust
For cohabitating couples owning property together, a Life Interest Trust can be invaluable. This trust allows your partner to live in the property after your death while ensuring the property (or your share of it) eventually passes to the designated beneficiaries. This arrangement strikes a balance between supporting your partner and honouring other family commitments.
Step 5: Address Inheritance Tax Concerns
Understanding your estate’s value is crucial for inheritance tax planning. Estates exceeding the current tax thresholds might be subject to significant taxes. Exploring strategies such as lifetime gifts and trusts can help reduce your estate’s tax burden.
Step 6: Draft the Will
Drafting the Will is where professional guidance becomes essential. At Futura Planning, our experienced team ensure that your Will is comprehensive, legally binding, and accurately reflects your wishes.
Step 7: Execute the Will
Once drafted, the Will needs proper execution. This involves signing it in the presence of witnesses. Proper execution is crucial for the Will’s legitimacy and enforceability.
Step 8: Store the Will Safely
Your Will is a critical document and should be stored securely. Inform your executors of its location and consider keeping a copy with your solicitor or in a safe deposit box.
Step 9: Regularly Review and Update
Life is unpredictable, and it’s essential to review and update your Will periodically to ensure it remains aligned with your current wishes and circumstances. Significant life events such as births, deaths, marriages, and divorces should always prompt a review of your Will.
Seek Professional Advice for Peace of Mind
Creating a Will involves navigating complex legal landscapes, making professional advice indispensable. At Futura Planning, we offer a <b>fixed fee Will writing service for cohabiting couples</b>. Our experts guide you through every step, from collecting information to ensuring your Will is legally sound and precisely written.
In Summary
Don’t leave your partner’s future to chance. Contact us today to arrange a free consultation and take the first step towards safeguarding your loved ones and ensuring your wishes are executed according to your wishes.
Cohabiting couples, while increasing in number, often lack legal protection compared to married couples or civil partners. It is vital for cohabiting partners to create Wills to ensure security for their loved ones, making sure their wishes are honoured after their death. Futura Planning offers expert, compassionate assistance in crafting legally sound Wills for cohabiting couples.
Secure your future, protect your loved ones, and ensure peace of mind with a professionally prepared Will.
