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Expert Issues Urgent Warning To Couples Who Live Together But Aren’t Married
A financial expert has delivered a stark warning for couples who are living together without being married.
While there are plenty of advantages to sharing a home with your partner, there may be an important legal and financial risk many couples are overlooking.
Living together can make life easier in many ways. Alongside the emotional benefits of spending more time with a loved one, it can also help create greater financial security through shared expenses and responsibilities.
However, according to British money expert Martin Lewis, unmarried couples could face serious complications if they fail to put the right legal protections in place.
During an episode of The Martin Lewis Money Show Live, the Money Saving Expert founder highlighted what can happen when one partner dies and the couple is not married.
The ITV program regularly explores financial topics that affect households across the country, including savings, energy costs, inheritance matters, and money management.
Over the years, Lewis has frequently used the platform to debunk financial myths and encourage viewers to take practical steps to safeguard their finances.
Why living together may not be enough
Lewis explained that unmarried couples have far less control over inheritance matters than many people realize.
If one partner dies without the legal protections that come with marriage, decisions about inheritance are not necessarily determined by the couple’s wishes. In fact, unless proper planning is in place, a surviving partner could be left with little-to-no legal rights when their partner dies.
Instead, the distribution of assets can be governed by legal rules set by the government.
Across the US, millions of couples choose to live together without getting married and any mistakenly believe they have the same legal rights as married spouses, but this is sadly not the case.
Financial professionals have long warned that relying on this belief can lead to significant problems if one partner passes away unexpectedly.
In an instance when one partner passes away, what happens to their estate will depend heavily on what state they live in and if there is a will in place.
If there is no will, state intestacy laws, depending on the state, will usually mean that any money and assets will be sent to the deceased person’s legal relatives, such as children, parents and siblings, instead of an unmarried partner.
One exception to this rule is jointly owned property, which will often just pass straight to the surviving partner, if it was correctly set up with a right of survivorship.
Meanwhile, things like bank accounts, life insurance and retirement accounts will usually be passed onto named beneficiaries, regardless of whether a person is married or not.
When it comes to making big decisions regarding a deceased person, an unmarried partner often won’t get a say in things like funeral planning, medical records and estate administration, unless legal documents were prepared in advance.
Marriage doesn’t remove every inheritance issue
Despite the urge for unmarried couples to be aware of the pitfalls, being married doesn’t solve everything, meaning there are extra steps for married couples to take when it comes to inheritance planning.
He urged people to review their wills regularly, particularly if they have separated from a spouse and entered a new relationship.
According to Lewis, inheritance complications can still arise for married individuals, especially those who have children from previous relationships or who are separated but not legally divorced.
An outdated will can create situations where assets are distributed in ways that no longer reflect a person’s intentions.
“So if you had a will and you got married, you no longer have a will in most cases so you need to do one again,” Lewis clarified.
“Worth everybody being aware of that and also if your circumstances change and you’ve got a will from 20 years ago, leaving it to your ex-husband or wife, you might want to change it and make sure it’s up-to-date.”
A simple step that could protect your loved ones
Lewis has previously discussed the issue on The Martin Lewis Podcast, where he encouraged unmarried couples living with their partners to make writing a will a top priority.
He added that anyone who owns assets should strongly consider putting a will in place.
His warning serves as a reminder that a committed relationship does not automatically provide legal protection.
Whether a couple is married or not, understanding inheritance laws is crucial. Relying on assumptions rather than knowing the rules could leave loved ones facing unexpected difficulties.
Financial experts continue to emphasize the value of basic legal planning, including creating or updating a will.
Taking action now can help ensure that personal wishes are honored and may reduce stress and uncertainty for family members during an already challenging time.
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