Love knows no boundaries and many couples choose to live together without getting married or entering a civil partnership. While living together can bring joy and companionship, it’s essential to be aware of the legal implications that arise from not having a Will in place.
- Protecting your Partner:
In Scotland, without a Will, cohabiting partners have no automatic right to inherit from each other’s estates. This means that if the worst were to happen, your partner may not receive the financial support they need, irrespective of how long you have been living together or indeed have been together as a couple. By writing a Will, you can ensure that your partner is provided for and shielded from unnecessary financial hardship.
- Nominating Guardians for Children:
For cohabiting couples with children, creating a Will is even more crucial. Without a Will, you will have no say in the fate of your children’s guardianship and this may be determined by the courts, meaning that their future could be left uncertain. By including your wishes regarding guardianship in your will, you have the power to say who you would like to care for your children in the event of your passing.
- Distributing Your Assets:
A Will allows you to specify how your assets should be distributed after your death. Whether it’s property, savings, investments, or sentimental items, having a Will ensures that your wishes are respected. This is especially important for cohabiting couples who may have joint assets but lack the legal protections afforded to married couples or those in civil partnerships.
- Charitable Contributions:
A Will is an opportunity to leave a lasting legacy by supporting causes close to your heart. If you and your partner share a passion for specific charitable organisations or causes, a Will allows you to make provisions for charitable contributions, ensuring that your support continues beyond your lifetime.
- Avoiding Legal Complications:
Without a Will, intestacy rules determine how your estate will be distributed, which may not align with your wishes. This can lead to unnecessary legal complications, delays, and disputes among family members. By having a Will, you provide clarity and guidance, minimising the potential for disagreements and ensuring a smoother administration of your estate.
If you are living with your partner, it’s crucial to acknowledge the legal limitations regarding cohabitation and take proactive steps to safeguard your future. Having a Will tailored for your unique circumstances is a powerful tool and at McDougall McQueen we regularly help cohabiting couples navigate the complexities of estate planning, ensuring that their wishes are honoured and loved ones cared for.