Financial guru Martin Lewis has issued an urgent warning to couples who live together but are not married.
The warning is to let couples know to have financial arrangements in place to help their assets, if one of them dies. Chronicle Live reports that Martin said that if people do not want to tie the knot, then they should either get a will, civil partnership or some other contract to lawfully inherit their partner's assets.
In the latest Money Saving Expert newsletter, Martin said that people who aren't married or in a civil partnership have no status under inheritance law.
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This means that the remaining partner may be at risk of losing assets they would assume they'd naturally inherit if their loved one passed away. Having no inheritance status means that if one partner dies, the other may not get the house, even if they have lived in it for many years.
Martin also highlighted the importance of wills, and encouraged his fans to have the "unpleasant" chat with friends and family sooner rather than later.
According to the official definition, a will is a legally binding document which outlines what will happen to your money, possessions and property – collectively called your "estate" – after you die.
Thousands of people die each year without a will, leaving their loved ones to deal with a lot of issues alongside their grief. Martin said that whether the conversation is with older or younger people, the chat needs to be "candid and blunt" when considering the implications.
Those who are not married, have dependent children or are concerned about inheritance tax should consider writing a will. Martin also encouraged people to consider a cohabitation agreement if they don't want to get married, but are living together.
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."
The rules to cohabitation agreement differ slightly across the UK, but all spell out exactly what each partner is entitled to if they split up.
Martin concluded: "Cohabitation agreements are strongest if both partners have had independent legal advice and haven't signed under duress."
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