Hello and thanks for using Just Answer.
My name is ***** ***** am happy to assist you with your enquiry.
To enable me to answer you fully, could you please confirm-
1. Do you hold the property as Joint tenants or tenants in common?
2. Do you both have your own separate Bank accounts/savings or is everything in joint names?
I look forward to hearing from you.
Property is held as title absolute myself and my partner with a restriction of no disposition by a sole proprietor.
We have both joint and personal accounts
Thanks for your reply.
If you were not to make a Will and remain unmarried, your Estates would pass to your children, who are classed as legal next of kin where parties are not married or in a civil partnership.
As there is a restriction on the title to your property, this means you own it as Tenants in common, meaning that your respective 50% share will pass in accordance with your Will, or to your next of kin if you die without a Will (at present, this would be your children).
Therefore, it is imperative that you both make a Will, leaving your assets and share in the property to each other.
If you were to marry, then you would become each other's legal next of kin, and in this scenario, if either of you dies without making a Will, the surviving spouse would inherit the following-
The first £250,000 and personal belongings
The remainder of the estate will be shared as follows:
Other than the normal tax savings a married couple make, there are no other legal benefits in getting married. You must, however, both make a Will immediately if you don't intend to marry!
I hope this assists and answers your question.