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Buckinghamshire law firm B P Collins LLP

Why a Leap Year proposal is a sensible thing

2016 is a Leap Year and one of the most popular traditions allows for women to propose to their boyfriends on 29 February
"If you live together, own property and possibly even work together, then you must make a will if you want to ensure each of you is looked after in the event that one of you dies"

While the Spring is officially the time for romance, setting aside the hearts and flowers for a moment, there is one very good and practical reason for getting married - and that’s who inherits your estate in the event of your early demise

It may not be the most romantic of topics, but the truth is that many couples who co-habit simply don’t realise that if the worst happens, they will have no claim on their loved one’s goods and chattels.

And, given that statistics show only around half of young adults today will actually marry - as opposed to living together - it’s an increasing concern.

Vicky Johnson, a specialist in wills, trusts and probate at Buckinghamshire law firm B P Collins LLP, says: “Even if you have lived together for many years and consider yourselves to be married in all but name, intestacy rules mean that if one of you dies, it is the closest family who will inherit the estate, rather than the live-in partner.

“Therefore, one half of a couple could find themselves without a roof over their head or any money in the bank, while their partner’s parents or siblings inherit the house and everything that comes with it.

“If you live together, own property and possibly even work together, then you must make a will if you want to ensure each of you is looked after in the event that one of you dies.

“Or, put simply, while it may not be the most romantic reason for doing so, given that this is a Leap Year, maybe it’s time to start looking at those bridal magazines.”

Contact Vicky, or a member of the private client team at B P Collins LLP on 01753 279030; email your enquiry to privateclient@bpcollins.co.uk or visit the website www.bpcollins.co.uk

 

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