The Money Saving Expert had advice for unmarried couples
Martin Lewis has issued a warning to any couples who are living together but are not married.
With marriage rates down and cohabiting up, more and more couples are living together whilst not married.
However, the Money Saving Expert has a word of warning for any unmarried couples living under the same roof.
It’s all to do with the lack of legal protection unmarried couples have should the worse happen to one of you.
Speaking on Tuesday’s (November 21) edition of The Martin Lewis Money Show Live, he explained that if either you or your partner were to die, the situation over inheritance would be in the hands of the government if you weren’t married.
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 co-habiting, 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.”
He also urged married couples to make sure they knew what was in their will, particularly if they were with a new partner after having separated from their spouse.
Lewis explained that if you had been married to one person but separated and then entered a relationship with someone else, then an old will from your marriage leaving it all to your spouse would leave your new partner with nothing.
In England, Wales and Northern Ireland, getting married automatically revokes a will making it no longer valid.
The financial expert explained: “It’s also important to note that wills everywhere but 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
“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.”
Dying without a will could also cause issues because you haven’t made clear what you want to pass on to those closest to you.
Lewis pointed out that procedures will vary based on the specific region within the United Kingdom where you reside.
He said: “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.”
So, make sure you have a will in place and if you do, double check that it’s up to date and still says what you want it to.
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