The importance of making a Will is a topic which will not go away. Despite the frequent reminders, it seems that many people still do not have a Will and this could lead to serious financial problems, particularly for unmarried couples.
When a person dies without leaving a Will, the intestacy rules govern who should take the Estate of the person who has died. This is a list of relatives and is strictly applied. The intestacy rules were recently updated in the Inheritance and Trustees Powers Act 2014. This Act did nothing to alter the position of cohabiting couples.
The Law Society of England and Wales is the professional body which represents solicitors. It has warned that there may be up to one million unmarried and same sex couples who are not married or in a civil partnership, who will inherit nothing if their partner dies without leaving a Will, but has dependent children.
Under the updated intestacy rules, dependent children of the deceased will inherit the entire Estate of the deceased. In these circumstances the cohabiting partner inherits nothing.
The President of The Law Society, Andrew Caplen, has said:
'These changes are a reminder of the importance of having a Will. Dying without one, not only means your financial wishes go unmet, but could leave problems for your loved ones to sort out. Don't make this mess your legacy'.
If you are a cohabiting couple, the only way to properly provide for your partner is to ensure that you make a Will. To discuss this, contact us.