Q. My partner and I lived together for the last 20 years or so. She sadly passed away last year after a brief illness. We knew all of our property was in joint names and so we never bothered to make any wills. Most of our accounts were in joint names, but she had a Credit Union account and some other investments in her own name. I think I was down as the beneficiary for most of these, and I now want to take steps to formalise everything. What should I do?
Dear Reader,
You should firstly take up a copy of your late partner’s death certificate to your solicitor, who can write to the various institutions to ascertain the position.
If any accounts are nominated to you, such as the Credit Union account, they are usually paid out directly. However, some other policies (such as pensions) might require more information.
Joint accounts and joint property (such as your homes) pass directly to the surviving tenant. Any accounts in her sole name, in the absence of any nomination, would fall into intestacy. This would be distributed firstly to any spouse, then to any children, then to parents, siblings, etc. You, as an unmarried partner, would not automatically have any benefit from these funds in intestacy. The precise person or people who might be able to claim these funds depends on the precise nature of your partner’s family.
If there are substantial funds that might fall into intestacy, and you and your partner had been living together essentially as husband and wife for the past 20 years or so, there are steps you can take to protect these funds under the Civil Partnership and Co-Habiting Act 2010. Some of the consideration to be taken into account to qualify as a co-habitant you must have been living together for the past five years, be in an intimate and committed relationship.
Lastly, you should take the advice of your accountant or tax advisor with regard to the joint property that now belongs to you. The death of a joint tenant is classed as being an event for the purposes of CAT (Inheritance Tax). Given the fact that you and your partner were unmarried, you might be liable for tax for one half of the value of the lands or property that are passing to you. Your family home may be excluded from this, but again depends on your circumstances.
There are certain time limits in seeking an order from the court under the Civil Partnership and Co-habiting Act 2010 and one of these time limits is that you must apply to the court within two years of your partners’ passing.
