Will they, won't they? – Life partners also need a will in place
A last Will and Testament are one of the most important gifts you can give your loved ones, even more so when people or couples live together but are not married.
The sad reality is that loved ones do not always come out on top when it comes to a person's legal affairs, estate, and/or Will. Your Will needs careful and meticulous planning. Here are a few things to take into consideration:
If, as a couple (even if you are not married), you are accumulating assets together, you will need to ensure that your wishes regarding how and to whom you want your assets to be distributed are adequately recorded in your Will.
For unmarried couples, it is advisable to put some form of formal agreement in place, such as a contract of domestic partnership. This will enable you to regulate your financial affairs.
Document your intentions concerning the distribution of your assets as far as your life partner is concerned.
If you die without leaving a valid Will, your assets and estate will be distributed according to the Law of Intestate Succession. This law divides your assets to your surviving spouse, children, parents, or siblings according to a set formula.
However, this law does not apply to life partners. As a consequence, if you are not married but in a monogamous relationship and your life partner passes away without a Will that leaves your assets, you will be unable to inherit from their estate.
Therefore, life partners need to put together a last Will and Testament if they wish to leave their partner assets, but it is also advisable that they enter into a contract with each other to help protect their interests.
For assistance and guidance on protecting your and your partner's assets, speak to a PBA financial advisor.
Phone: 011 803 9686