While Valentine’s Day is traditionally associated with romantic gestures, it can also be a useful time to consider longer-term plans and protections for loved ones. Planning can help individuals and families feel confident that their wishes are understood and that the right arrangements are in place. Amanda Brown, senior executive in our wills, trusts & probate team, looks at some of the key legal options you may want to consider.
Protecting your partner
Many people assume that long-term partners automatically inherit from one another. However, unmarried couples have no automatic inheritance rights under the law, regardless of how long they have been together.
It is also important to note that there is no such thing as a “common law marriage” in England and Wales. Without the right arrangements in place, a partner may be left without financial security if the unexpected happens.
Ensuring your estate passes as you intend
If someone dies without a valid Will, the rules of intestacy apply. This means their estate may not be distributed according to their wishes, and loved ones could face additional uncertainty at an already difficult time.
Having an up-to-date Will can help ensure:
- Assets go to the right people
- Intentions are clearly recorded
- Dependants and loved ones are provided for
It is worth reviewing a Will when circumstances change, such as buying property, having children or entering a new relationship.
It is also important to be aware that marriage automatically revokes an existing Will unless it was made in contemplation of that marriage.
Pre-nuptial agreements
A pre-nuptial agreement can help couples clarify how assets acquired before marriage, such as property, savings, business interests or inheritance, should be treated in the future.
While not automatically legally binding, properly prepared agreements are increasingly considered by the courts, particularly where both parties have received independent advice.
Lasting Powers of Attorney
A Lasting Power of Attorney (LPA) allows an individual to appoint someone they trust to make decisions on their behalf if they become unable to do so.
Without an LPA, families may face delays and additional legal steps when managing financial or welfare decisions.
Declarations of Trust for shared property
Where a property is owned jointly, a Declaration of Trust can provide clarity, particularly if contributions to the deposit or mortgage payments are unequal.
This document sets out how proceeds should be divided if the property is sold, helping to avoid disputes later.
Cohabitation agreements
For couples living together, a cohabitation agreement can help set out financial responsibilities and intentions clearly.
It can cover areas such as:
- Ownership of property
- Household contributions
- Savings and shared assets
- Arrangements in the event of separation
Pension and life insurance nominations
Many pension schemes and life insurance policies allow individuals to nominate a beneficiary. Completing these forms helps ensure benefits are directed to the intended person and can reduce the risk of uncertainty or dispute.
Looking ahead
Planning for the future is not always something people prioritise, but understanding the legal protections available can make a significant difference.
Wills, powers of attorney, trusts and related arrangements are all tools that can help individuals and families put clear plans in place and protect what matters most.
At Harrison Drury, we can help with Wills, powers of attorney, cohabitation agreements, trusts and more. If you’d like to discuss putting the right protections in place, please get in touch with our wills, trusts and probate team on 01772 258 321.