With the ever-rising cost of weddings, many couples in Witham are choosing to remain unmarried. However, as an unmarried couple it is important to be aware of how to best legally protect each other in the future. It is a common misconception that if you cohabit, then you each have the same rights as a married couple. Andrew Douglas Wills and Legal Services have compiled some information regarding some of the ways in which you can ensure that your partner will be protected legally and financially should you fall seriously ill or die.
- Ensure that you both have a valid Will. As an unmarried couple, it is important that you write Wills which reflect whom you wish to inherit your estate. There is no automatic right for your partner to inherit anything from you, even if you have been cohabiting for many years. It is important to note also that as a beneficiary, any assets your partner receives may be subject to inheritance tax as there is no inheritance tax exemption for unmarried couples.
- Make a Lasting Power of Attorney for your health and welfare. Making a Lasting Power of Attorney involved appointing someone chosen by you, in order to make decisions on your behalf should you become unable to do so. There are many ways in which you could become incapacitated, such as serious illness, onset or progression of a disability, or through dementia. In these circumstances, your chosen Attorney will be automatically given the legal authority to make certain important decisions regarding your healthcare and welfare.
- Make a Lasting Power of Attorney for your finances. Similarly with a Lasting Power of Attorney for health and welfare, appointing an Attorney for your property and financial matters allows your chosen Attorney to ensure that appropriate financial decisions are made should you become incapacitated in any way. This is especially important for unmarried couples to consider since it is not unusual for some couples to maintain separate finances in terms of bank accounts or savings accounts. Appointing your partner as your Attorney will give them immediate access to your finances. They must act in your best interests as your Attorney, but it will give your partner the ability to continue to pay any bills that are usually settled from your bank accounts such as mortgage payments or utility bills. It would also allow for your partner to access your finances in order to pay for any necessary treatments that you may need, where appropriate.
If you would like any further details regarding any of the above information, contact Andrew Douglas Wills and Legal Services today, whether in Witham or the surrounding areas of Essex. Call now to arrange your free initial consultation.
If you would like to keep up with our latest posts and advice about estate planning through the regular advice that we provide to our clients in this regard, then please also feel free to –
Follow us on Twitter at https://twitter.com/ADouglasWills.
Follow us on Facebook at https://www.facebook.com/AndrewDouglasWills.
