Cohabitation and Intestacy Rules
According to Saga “moving in with a partner is an exciting time. Many choose to do so without getting married these days. In fact, cohabitation is the fastest growing family type, according to official statistics. But before you get carried away with redecorating and setting dates for dinner parties, it’s important to outline the financial side of things.
Many save those conversations for after they’ve moved in together. But it’s better to be honest about your current financial situation before you move in. Once the boxes are unpacked, it’s a little late. “
The article highlights the importance of updating your will. “If you don’t have one, now is the time to get on with it. Without a will, your estate is governed by the rules of intestacy which can be very prescriptive, causing significant settlement delays and may lead to your assets and belongings being allocated to someone you may not wish to leave them to.
Cohabiting couples don’t currently benefit from the intestate rules as the law doesn’t recognise cohabitation in the same way it does marriage and assets don’t automatically pass between couples. For this to happen, both partners would need to make a will, naming each other as a beneficiary.” Read more.