Martin Lewis has issued an important financial warning to couples that live together but are not yet married.
In the unfortunate event that one of the partners passes away, not being married may make managing assests difficult. The MoneySavingExpert founder said that if a couple decides to not get married, then they should either get a will, civil partnership, or some other form of contract that allows the surviving partner to lawfully inherit assets.
Speaking in the latest MSE newsletter, Mr Lewis stressed that couples who aren't married or in a civil partnership have no status under inheritance laws. Therefore, they run the risk of losing an asset which they assumed they would naturally inherit if a loved-one passed away, the Mirror reports.
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However, an easy way of solving this problem is to sign a will to avoid "unpleasant issues" with friends and family. A will is a legally binding document that outlines what happens to an individual's assets once they pass away - collectively known as an 'estate'.
Mr Lewis also lined out the importance of speaking to friends and family about what will happen in the case of your death while being "candid" and "blunt" about the result. Furthermore, those who are not married, have dependent children, or are concerened about inheritance tax should also consider signing a will.
He added: "If you live with your partner, but are neither married nor in a civil partnership, you may want to consider drawing up a 'cohabitation agreement' in addition to writing a will. While a will determines what happens to your assets and belongings once you die, a cohabitation agreement spells out what happens if your relationship breaks down – so a bit like a will for the living."
Cohabitation agreement rules are slightly different depending on what part of the UK you are in, however, it will outline exactly what each partner is entitled to if they decide to split up and can also protect someone from financial abuse. Mr Lewis noted that: "Cohabitation agreements are strongest if both partners have had independent legal advice and haven't signed under duress."
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