The Law Commission has put forward proposals that could see unmarried couples automatically inheriting the entire value of their partner’s estate.
These new rules, if adopted, would apply in the absence of a will if the unmarried couple lived together for at least five years.
In the case of unmarried couples with children still living at home, inheritance would become automatic after a two year period.
These proposals would end laws dating back over 80 years and give unmarried couples the same rights as married couples or civil partners who die intestate.
Whilst the Law Commission is an influential body, the Government recently rejected their earlier proposals that would have given cohabiting couples more legal protection if they separated.
The Law Commission estimate that around 350,000 people die each without making a will. When this happens, any unmarried partner has no automatic right to an inheritance.
Making a will and understanding how your family finances would be distributed in the event of death are essential Financial Planning steps.
These new proposals from the Law Commission will hopefully be adopted in due course. In the meantime, unmarried couples should take their own action to ensure one partner is not unintentionally left destitute in the event of death.
Photo credit: Flickr/Alexbip
