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Should we marry

Hi, We purchased our house in 1987 and it is both our names.  We have a joint bank account,He has two private pensions which have me as beneficiary if he dies and we have made a will.  We are not married.  I am 75 and he 79. Do we need to get married or we ok as we are?   
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Comments

  • BikingBud
    BikingBud Posts: 2,252 Forumite
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    What is driving you now towards marriage?

    I think you might be concerned about IHT so please see here: https://www.gov.uk/inheritance-tax

    There might be some benefit dependent upon your wealth, (the size of your estate; cash, house and other assets) and if you have children, together or via previous partners.

    Do the pensions differentiate between spouses and other relationships?

    Marriage will invalidate the current wills.
  • elsien
    elsien Posts: 35,057 Forumite
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    Are powers of attorney in place - this would apply regardless of whether you get married or not, by the way. Just a good thing to have. 
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
  • Brie
    Brie Posts: 13,464 Ambassador
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    What about the other things that aren't in both your names?  Is there anyone who will say that because they are related to him then they get his Ferrari or stamp collection instead of you?
    I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe and Old Style Money Saving boards.  If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

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  • Savvy_Sue
    Savvy_Sue Posts: 46,903 Forumite
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    the link provided in the first reply will explain how much IHT you'll have to pay on first and second death, because anything and everything you leave to a spouse goes free of IHT. 

    If you don't fancy marriage, would a Civil Partnership be more to your liking? 

    Do either of you have children from a previous relationship?
    Signature removed for peace of mind
  • If either of you has more than £325k of assets (include# 50% of all jointly owned assets) then on the first death there is going to be an IHT liability on the estate. With non DB pensions becoming part of your estate on your death this will be almost certain if your partner dies first.

    You also have the option of a civil partnership which also provides spousal exemption on the first death.

    Do you have wills and lasting powers of attorney in place? Do you have children?
  • km1500
    km1500 Posts: 2,703 Forumite
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    anyone who asks 'should we marry' shouldn't
  • km1500 said:
    anyone who asks 'should we marry' shouldn't
    Not really, a lot of people are totally unaware of the IHT implications are or what the impact of intestacy laws mean to your long term partner. 
  • Still confused but thank you for your comments.
  • Silvertabby
    Silvertabby Posts: 9,705 Forumite
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    edited 5 December 2024 at 6:58PM
    Check the pensions - don't assume that just because your partner has nominated you as the recipient, then all will be well.

    If these are DB/final salary pensions, and if your partner has been drawing them for some time, then he may well be outside the guarantee period for a lump sum death benefit.  Not all pension schemes pay survivor's pensions to unmarried partners, and those that do may have date limitations.  So many pension schemes, so many rules.....
  • Keep_pedalling
    Keep_pedalling Posts: 19,284 Forumite
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    Still confused but thank you for your comments.
    In what way are you confused?
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