According to a study by Royal London, 73% of cohabitees are unaware of the legal ramifications they may face if they or their partner passes away without a will, leaving 4.6 million adults in cohabiting relationships financially vulnerable.
The research highlights the misconceptions held by many cohabitees, with 35% mistakenly believing they are entitled to a share or all of their partner’s assets simply because they lived together.
Clare Moffat, pensions & legal expert at Royal London, said: “Having a will is really important for lots of different reasons. The fundamental reason for having a will is to make sure that you decide what happens on your death, not what the law stipulates should happen.”
Moffat further emphasised the necessity of having a will for cohabitees, adding: “It doesn’t matter how many years you’ve been living with your other half, cohabitees are not protected by the same laws as married couples and dividing the assets of a cohabiting couple can be complex.”
She concluded by urging individuals to take legal and financial advice to ensure that their savings, assets, property, and investments are distributed according to their wishes: “No-one likes thinking about death but writing a will can make life much easier for anyone left behind.”
