Martin Lewis and his team at Money Saving Experts (MSE) have issued a crucial warning to all unmarried British couples living together.
The money specialists advise that it is essential for couples to understand the rules regarding wills to prevent the risk of being left with nothing in the event of a partner's death.
Not having a will in place can lead to dying intestate, according to MSE, which could result in your partner receiving nothing from your estate.
What happens to your estate?
In England and Wales, intestacy rules dictate that if a member of a childless couple passes away, the entire estate will go to the deceased's parents. If parents are no longer living, siblings are typically next in line to inherit.
If there are children, they will receive the estate, bypassing the partner. In the absence of blood relatives, the Crown will claim the entire estate.
For those in Northern Ireland, if there are no children, the estate goes to parents, then siblings, grandparents, and surviving aunts and uncles. The same applies if there are children.
In Scotland, inheritance rules are based on the value of assets and vary based on factors like home ownership, savings, and possessions. Additional information can be found on GOV.UK.
What happens to your property?
In England, Wales, and Northern Ireland, the fate of a jointly owned property with a cohabiting partner depends on whether it is owned as 'joint tenants' or 'tenants in common'.
If owned as joint tenants, the survivor automatically receives full ownership. However, if owned as tenants in common, the property may be subject to intestacy rules, risking the surviving partner's share.
In Scotland, intestacy rules apply unless there is a survivorship clause in the property's title deeds.
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