Cohabitation and inheritance
Many people put off writing their wills, but they are crucial documents if you don’t intend on marrying.
This is because marriage gives couples automatic rights to each other’s estates if either of you passes away without a will. This is a significant difference to cohabitation where, in the same situation, the surviving partner gets nothing.
Instead, in a cohabitation relationship where you’re the person who passes away first, intestacy rules will govern your estate. This means that any children you have, including children from other relationships, would inherit first, followed by your parents and so on.
At no point would your partner receive any inheritance under the intestacy rules. This is why it’s vital to create a will if you don’t plan on getting married.
You should also ensure you’ve covered other financial matters, such as your bank accounts, pension, life insurance and investments. Banks and financial institutions often won’t grant access to surviving unmarried partners unless you had a joint account.