Common Law Is Not So Common: Navigating Estate Law for Common Law Partners

What is a Common Law Relationship?

A common law relationship is when two people live together like a married couple without being legally married. To be considered common law, they usually need to:

• Live together for a certain period (often 1-3 years).

• Share a home and responsibilities, like bills and chores.

Estate Law for Common Law Partners

1. Inheritance Rights

Common law partners don't automatically inherit each other's property if one dies without a will. It's important to have a will to ensure your partner gets what you want them to have.

2. Dying Without a Will

If you die without a will, the law usually gives your stuff to your legal family members first, like a spouse or kids. Common law partners might not get anything unless there's a will or the law specifically includes them.

3. Financial Support Claims

In some places, a common law partner can ask for financial support from the estate if they were dependent on the deceased partner. The success of this claim depends on how long they lived together and their financial situation.

4. Joint Tenancy

If common law partners own property together, the surviving partner can automatically inherit the deceased partner’s share. This helps ensure important assets, like a house, go directly to the surviving partner.

5. Beneficiary Designations

Common law partners should be named as beneficiaries on life insurance, retirement accounts, and other financial accounts to make sure they get those benefits.

Tips for Common Law Partners in Estate Planning

• Write a Will: Clearly state how you want your assets divided to ensure your partner is taken care of.

• Cohabitation Agreement: This legal document can explain property rights and financial responsibilities.

• Update Beneficiary Forms: Make sure your partner is named on your financial accounts and insurance policies.

• Joint Ownership: Consider owning major assets together to ensure they automatically go to the surviving partner.

• Get Professional Help: Talk to an estate planning expert to make sure your plans are complete and legal.

Conclusion

Common law partners need to plan carefully to make sure their wishes are followed. Understanding these rules and making a clear plan can protect your partner and make sure your legacy is secure. At Final Drafts, we can help you create the right estate plan for your situation.