Wills for Non-Married Couples

non married couples: if you died yesterday…

Everything will go to your children NOT your partner…

Is this in line with your expectations? Without the appropriate will, the government will make sure all of your wealth passes to your children. If you do not have any children, it will pass down to surviving family members including parents, siblings, aunts, uncles etc.

If you own a property together and the estate is not planned correctly, your partner will either have no home to live in or your children could potentially be disinherited.

Significant Benefits of Using A Flexible Will if You Are Not Married

What Is A Right To Reside Trust?

When the main home is owned jointly there are two seperate ways in which the beneficial ownership can be administrated. The common form of ownership is called Joint Tenancy. Both parties own the property 100% each on a joint and several basis

What this means, is that both parties are completly responsible for the whole property, so if one party dies, 100% of the ownership will pass automatically to the surviving owner. That includes all debts and liabilities secured onto the property (which may not be yours but you will still be liable)

With Joint Tenancy, you are not able to distribute any share of wealth unless the joint owner (your partner) dies before you – not exactly an ideal situation right?

The second form of beneficial ownership is known as Tenants in Common. With this form of ownership you own a specific share of the property, normally a 50:50 equal share, but it can be different dependant on the situation.

This tyoe of ownership effectively splits the property ownship into two parts. Each owner, if living in the property can then set up a special type of trust that will allow the surviving owner the right to occupy the share of the deceased owner. So ownership can still go to the children, but use and enjoyment will belong to the surving beneficiary under certain conditions.

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Use of A Flexible Will for Non Married Couples…

Non married couples are able to take tremendous advantage of this specialist type of Will known as a Flexible Will.

The will is designed NOT to be mirrored, therefore each party has complete autonomy as to whom they will leave their assets to and how. There is significant benefit in drafting the Will this way as it will promote protection of assets for children.

This type of planning will significantly reduce or even eliminate the event of sideways disinheritance taking place and ensure the wealth does not transition to another family in the future. The most common way this can happen is if a standard Will is used and assets are passed to a partner belieiving they will pass down the wealth to your children.

Whereas what could happen is that the partner could marry and transfer the wealth into another family, rather than transfer down to your children.A flexible Will stops this situation from happening.

See what our clients have to say…

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[ONCE Wills and Trusts] Service has given me peace of mind for the future

Sonia
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[ONCE Wills and Trusts] spent the majority of [their] time listening our needs and wishes…and also what we could and could not do within the trust.
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Your information was clear and answered the specific things I was asking for based on my current level of understanding
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