Martin Lewis has issued an urgent warning to unmarried couples who live together, in order to make sure they have financial arrangements in place for when they die. The Money Saving Expert has said if couples aren’t planning to wed then they should consider another lawful contract to ensure they inherit their partners’ assets.
In the latest MSE* newsletter, founder Martin presses the importance of a will, civil partnership or tying the knot, claiming that no matter the length and significance of the relationship, it has no status under inheritance law. So if your partner was to die, the other one may not see a penny, even if you’ve lived together for years.
The money guru pointed to the importance of wills and encouraged his readers to have the “unpleasant issues” chat with friends and family. Thousands of people die each year without a will, leaving loved ones with complex issues to work through along with their grief.
He also encouraged couples to consider a cohabitation agreement if they’re unmarried but living together. He said: “If you live with your partner, but are neither married nor in a civil partnership, you may want to consider drawing up a ‘cohabitation agreement’ in addition to writing a will.
“While a will determines what happens to your assets and belongings once you die, a cohabitation agreement spells out what happens if your relationship breaks down – so a bit like a will for the living.”
He adds: “Cohabitation agreements are strongest if both partners have had independent legal advice and haven’t signed under duress.”
By Alicia Curry 12 October 2022
*https://www.mylondon.news/all-about/martin-lewis