Should we bother to Marry ?

angelinamay

Good evening, 

Both my partner and me are now divorced. Both retired, late 60s and have been together 12 years.  Is there any benefit in getting married?  Tax implications etc? think we're both a bit long in the tooth to re-marry.  Thanks for your help, 

DavidT67

Useful guide to the differences. 

https://www.citizensadvice.org.uk/family/living-together-marriage-and-civil-partnership/living-together-and-civil-partnership-legal-differences/

JGB1955

Marriage isn't the only option.  Civil Partnerships have the same status.  Do you own property? Have you made a will?  Have you made Powers of Attorney?  Who do you want to benefit when you die? Do you have occupational pensions - who have you identified as your beneficiary?

Ms_Chocaholic

Do you own a property?

Jointly?

Do you have children from previous relationships that you want to inherit your share of the property?

Do you own your house as Joint Tenants? If unsure check the LR for £3, or is it £7, not sure.

If yes to above then consider changing to Tenants in Common, do your research though to make sure it's right for you. 

angelinamay

JGB1955 said:

Marriage isn't the only option.  Civil Partnerships have the same status.  Do you own property? Have you made a will?  Have you made Powers of Attorney?  Who do you want to benefit when you die? Do you have occupational pensions - who have you identified as your beneficiary?

Thank you,  I own the property. I have made a will, but plan to change it as we've moved house in the past year. I'd like the property split between both of my sons, BUT would like my partner to live in it for the rest of his life, should I predecease.  Partner has a private pension, I have an occupational pension.  :-) 

IOWJJBTM2025

My father-in law was not married and when his partner passed it was a nightmare as she jointly owned the house.
After everything had settled down my (now) wife said we should get married just to make it simpler if anything happens to either of us.

Keep_pedalling

Depends on the assets you have, couples who are not married or in civil partnerships are at a serious disadvantage when it comes down to IHT if either or both of you have assets in excess of £325k.

spending around £70 on becoming civil partners could save your estate many tens of thousands in tax.

Have you put wills in place? Have you made lasting powers of attorney? Doy either of you have children?

If not both those things should be at the very top of you to do list.