Village Voice June July 19

Kerry Richardson
Cohabitation
There are more than 6 million cohabiting
couples in the UK yet there are a number of
issues that many cohabiting couples are not
aware of. For example, if one cohabiting
partner dies without leaving a will, the
surviving partner will not automatically
inherit anything owned solely by their
partner. Cohabiting partners also cannot
access their partner's bank account if they
die.
Upon separate there is no obligation to
support each other financially. An unmarried
partner who stays at home to care for
children cannot make any claims in their
own right for property, maintenance or
pension-sharing.
Divorce
If you have commenced divorce proceedings
but not finalised them then your Will is still
valid. However, your former spouse is
treated as if they “died” on the day the
decree absolute is granted by the Court.
That means any gift in the Will falls back into
the residue for the benefit of the residuary
beneficiaries. However, if you had left
everything to your former spouse, then the
effect is as if you had died intestate and the
rules of intestacy once again decide how
your estate is distributed.
If you die without having written a will you
are “intestate”. The intestacy rules state
that until divorce your spouse will receive a
substantial sum.
Modern Families
Second Marriages
We know that circumstances around a
second marriage are often more
complicated than the first. There may be
children from a previous relationship to
consider, as well as assets you have acquired
during your first marriage (property, savings
and a pension pot). Many people will want
to provide for their new spouse and children
from their previous marriage, you can do
this by placing a trust in your Will to
safeguard the future of your new spouse
and your children from your previous
marriage.
Intestacy
We spend days and hours choosing everyday
items yet many will not spend an hour or
two making a Will in order to save their
loved ones heartache.
Nearly 60% of adults have not made a Will.
By not making a Will you may be losing out
on tax saving benefits. If you pass away
without making a Will your estate will be
dealt with by the intestacy rules. The
intestacy rules do not cater for modern
families, for example, a cohabiting partner
cannot inherit under the intestacy rules nor
can a step child who has not been legally
adopted.
Make some time to make a Will and look
after your loved ones. If you would like to
speak with Kerry or the team at
Heppenstalls for assistance or advice, please
do not hesitate to contact us at New Milton
on 01425 610078 or Lymington on 01590
689500.
enquiries@heppenstalls.co.uk enquiries@heppenstalls.co.uk
75 75 75 High High High Street, Street, Lymington 01590 01590 689500
75 High Street, Lymington 01590689500
www.heppenstalls.co.uk www.heppenstalls.co.uk
82 82 82 Station Station Rd, Rd, Rd, New New New Milton. Milton. 01425 01425 610078
82 Station Rd, New Milton. 01425610078
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