Rosario Monachino
A financial expert has issued an urgent warning to couples who live together but aren’t married.
Married or not, there are undoubtedly some perks of sharing a household with that special someone.
Apart from the obvious ones such as spending time with your true love, it can also bring financial stability as one household will be living off two incomes.
However, one financial guru has warned that if you’re cohabiting, you may want to consider putting a ring on it soon as you might be missing out on something quite important.
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During a recent episode of The Martin Lewis Money Show Live, Money Saving Expert’s Martin Lewis explained what happens to couples if, tragically, one of them passes away and they don’t have the legal protection that comes with a marriage.
He informed viewers that without being married, the situation over who gets the inheritance should one of you die would be entirely decided by the government.
He continued that the state will then decide what happens to your house and your assets (businesses, properties etc.) under the intestacy rules – something that occurs where a person dies without leaving a valid will and is said to die ‘intestate’, as per The Gazette.
Lewis said: “If you’ve got assets, do a will, that way you decide where the money goes.
“A special point to anyone who is cohabiting, you’re not married, you’re not a civil partner.
“If you have been living together for 30 years and you’ve got nine children, it still means nothing in the law when it comes to a will. Your partner wouldn’t get anything.”
The finance expert also issued a warning to those who are married – urging them to make sure they know what is stated in their will, especially if they were separated from their spouse and are with a new partner.
He explained that rules affect married couples too as wills everywhere but in Scotland are revoked when you get married.
“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.
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“Again, how it works if you die without a will depends on which part of the UK you’re in but let’s say in England, the first £320,000 would go to your spouse, your husband or wife.
“And then the rest, the spouse would get half and the children would get half.
“And it’s not necessarily what you want which is why you do a will.”
Lewis has previously addressed this in an episode of The Martin Lewis Podcast where he urged that anyone who is not married and living with their loved ones should absolutely prioritise creating a will.
He also suggested that anyone who has assets should also consider drafting a will.
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