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All that a law giving right to cohabitees would do is to move the dispute from the current implied/resultant trusts and/or Inheritance Act issues, to when where how and on what terms the couple started co-habiting, who brought what assets to the relationship etc.
Unless couples take a responsible approach to their financial affairs, agree matters properly at the outset, and reduce the agreement to writing, than no amount of changes to the law will create complete certainty let alone fairness.
How would you frame a law to reconcile the competing claims of Ms Williams and Mrs Martin in the above case, without knowing their means and needs at the date of death of Mr Martin?
if the couple want to have the same rights as if they were married then the answer is for them to marry.
That would not have resolved Mr Martin's situation, as he remained married to his estranged spouse, but for many others it is the obvious answer.
I wholly oppose any law of cohabitees rights