When unmarried couples buy a home together, having a Will becomes even more important. Without a Will, your partner may not have a legal claim to your share of the property if you pass away. This could force them to sell the home or face financial difficulties. A Will ensures your partner can inherit your share, providing stability and security.
Other Key Benefits of Having a Will
- Wealth Distribution: A Will allows you to specify how your assets are divided, ensuring your partner receives their fair share of your property, savings, and personal items. Without a Will, your assets might not automatically pass to your partner and could go to your legal next of kin instead.
Example: Mr. Smith and Miss Taylor are unmarried partners. Mr. Smith has £50,000 in his savings account in his sole name. If he dies without a Will, this account does not pass to Miss Taylor. If they had children, the children would receive it, but if not, the assets are distributed to the wider family, leaving the partner in potential financial difficulties.
- Choose Guardians for Children: If you have children, a Will allows you to pick a guardian. Without it, the court decides, and your partner might not be the automatic choice.
- Avoid Family Fights: A clear Will reduces the chance of family disputes over your assets, making your intentions known and avoiding legal battles.
- Set Funeral Wishes: You can specify your funeral and burial preferences, so your partner can carry out your wishes.
- Manage Inheritance Tax: A Will helps with tax planning, minimising the tax burden on your estate. This is crucial as unmarried couples do not get the same tax relief as married ones.
- Peace of Mind: Making a Will provides peace of mind, knowing that your wishes are respected and in accordance with your preferences.
If you and your partner have not made a Will yet, or if you have a Will but have not reviewed it recently, especially after significant changes such as buying a house, getting married, or having children, do not wait! Contact Kerry Davey and her team on 01476 565 295 or email [email protected] for more information.
Stay prepared and protect your loved ones!
