The month of February is often associated with the theme of love – be it the love for a partner, spouse, or friend. The saying may go that love conquers all, but when it comes to legal matters, it’s essential to have a solid foundation in place.
Unmarried couples need to take steps to safeguard their futures, as they do not have the same rights as a married couple. In law, there is no such thing as a common-law husband or wife. Whether you’ve been together for decades or are just embarking on a new journey together, it’s crucial to have a clear understanding of your rights and responsibilities.
Here, we take a look at the main reasons for addressing the topic of wills and estate planning and explain some of the legalities involved.
Moving in Together
When setting up a home together, it is important that couples consider estate planning. Whether it’s purchasing a property, renovating an existing home, or simply sharing living expenses, couples should ensure that they establish clear ownership and financial arrangements.
Sharing Property and Finances
Unmarried couples often share property and finances, such as bank accounts, investments, and assets. It is important to take proper legal advice to ensure that these assets do not become subject to legal complications in the event of a partner’s death or separation. Creating a will can provide peace of mind and ensure that wishes are carried out in the event of a death. Estate planning can also help unmarried couples protect their financial stability. By naming each other as beneficiaries in your will, you can ensure that your partner is provided for financially in case of your untimely death. This can provide ongoing stability and security for both parties.
Appointing Guardians for children
According to figures from 2023, 76% of parents in the North West have no legal plans in place to make sure their children are looked after should parents die. Having a properly drafted will in place allows for guardians to be appointed to care for children in these circumstances.
Protecting Your Pets
For couples who share their lives with beloved pets, estate planning is also important. Pets are often considered members of the family, and it’s crucial to establish who will be responsible for their care and well-being should something happen to either partner. Having a will in place can ensure that your beloved furry friend is taken care of according to your wishes.
Drafting a will provides an opportunity for unmarried couples to plan for the future. Whether it’s naming a guardian for minor children, establishing trusts for beneficiaries, or outlining specific bequests, a well-thought-out will can ensure that those you leave behind know how to manage your affairs. When thinking about the future, you may also wish to put Lasting Powers of Attorney in place.
While love may be in the air on Valentine’s Day, it’s important to remember that a solid legal foundation can provide long-term stability and security.
For further advice or to discuss how to start the process, contact Jill Waddington.
