COHABITATION

Generally a cohabitant or common law wife or husband cannot claim. There is a common misconception that a common law relationship bestows some sort of property or maintenance rights. The law is changing, but at the moment there is no automatic right. The Family and Dependants Act 1975 allows a claim by a cohabitant who was being maintained, but this falls well short of a full 50/50 split which may be available under a divorce settlement.

Some testators make detailed lists of where all their assets should be given to. It is easier to divide them into financial or pecuniary legacies, that is, sums of money or specific legacies of actual physical things.

If something is of sentimental value it could be given away during a person’s lifetime. Other actual physical things that may have value to you may not have the same value to the recipient unless it can be turned into money. It may become a burden rather than a godsend. Again generally all the beneficiaries are interested in is money.

A straightforward will for a divorced person with children would cover the following.

• Revoke all previous wills.
• Appoint executors.
• Appoint guardians for the children whilst they are under the age of 18, as a minor cannot give a valid receipt for money.
• A list of both specific and pecuniary legacies.
• Where the residuary estate would go after payment of debts, usually to the children equally and thereafter to their children in the event of their predeceasing the testator.

This would have the effect of creating a will that would not have to be changed in the short term.

A common question is ‘Can the executors be beneficiaries?’ The answer is yes. The only party who may not inherit under a will is a witness.

Wills have to be executed in a strict manner, so make sure the witnesses are not beneficiaries and are not related to the beneficiaries in any way such as husband or wife.

If the children are of age they can be the executors of their parent’s will and also beneficiaries.

It is highly recommended that a will be prepared professionally for no other reason than if there is an error then the beneficiaries will have some recourse if the will writer has been negligent. If you make a home-made will and it has not been correctly drawn then the beneficiaries will inherit the problem, which by that time is irresolvable. Professionals are not immune from mistakes, but they are insured. Paying a lawyer’s bill on this occasion will at least give you peace of mind.