Straight Talk Estate Planning are very proud to announce we have partnered up with the Christchurch based MacMillan Caring Locally for their Free Wills Month, running through September 2021. MacMillan.
Read moreThe myth of the common-law spouse
The shape of families is changing. Many of us now, for so many valid reasons, decide marriage is not for us and raise our families together as unmarried couples, and why not? However, not surprisingly, the law has not kept pace with modern times and the idea that your life partner will be treated as a spouse is a myth.
Life partners are not considered next of kin in the eyes of the law. They do not benefit from Spousal Exemption for tax purposes, they do not count as a direct decedent so you will not be able to apply the Residential Nil Rate band for inheritance tax on your property.
If you pass without a Will (i.e. intestate) your partner will receive jointly owned assets and that is it. Which is an even more critical consideration if your property is not owned jointly.
Under the rules of intestacy, any children (from the current or previous relationships) or their issue will inherit the estate. If there are no children, the partner still does not inherit. The courts would look for surviving parents or siblings or even the Crown before considering the partner.
So what’s the answer? Get married and write your wills is the obvious solution, and if you’re not sure if you will marry or not, a simple contemplation of marriage clause into your mirror wills means your marriage will not invalidate any wills you make together. But if marriage is simply not on the cards good quality Wills are even more essential.
You know you should write your will. Your family have been on at you for an age to get around to it. But somehow it just keeps getting pushed to.
Read moreOur most asked question at the moment seems to be "Have you heard about Kate Garraway?" and yes, sadly we have. We really feel for Kate, its an extremely difficult.
Read more