Cohabiting couples wrongly assume they will inherit their home should the worst happen
A number of unmarried couples who jointly own a property assume they would inherit their home in full if their partner died – despite the law stating that surviving partners need to signal their intention in a will to prevent their share going to the next of kin.
Direct Line Life Insurance research found that more than two thirds (38%) of unmarried Brits living with their partner aren’t aware of their rights if their loved one passed away.
Just a quarter (26%) of co-habiting partners have a will, compared to half (52%) of married couples.
Jane Morgan, business manager of Direct Line Life Insurance, said: “As our society changes, marriage is further down the agenda for many couples.
“It is very common for partners to live together for extended periods of time before getting married, if they marry at all.
“However, the law is still somewhat behind the times in regards to cohabiting partners and worryingly, millions of Brits are under the false impression that they have the same legal and financial security as married couples.
“Our research aims to highlight the lack of awareness around this issue and will hopefully encourage people to think about putting plans in place in case the worst should happen.”