Estate planning typically has two main goals – addressing what will happen to your assets when you die and addressing what will happen to you if you become incapacitated. These goals are the same even for unmarried couples, so if you are in a committed relationship, you may want to consider the benefits of creating an estate plan.
Unmarried Couples and Estate Planning
There are many benefits married couples receive, including hospital visits, social security benefits, inheritance, and more. Unmarried couples have very few rights and often have a difficult time enforcing the ones they do have, which is why it is essential to create an estate plan.
Here are some tips for creating an estate plan as an unmarried couple:
- Transfer your house to a living trust. By doing this, you can leave your home to your partner and ensure they avoid the probate process. In your trust, you can determine if your partner has the right to live in it or inherit it altogether, depending on what you decide best for your circumstances.
- Consider appointing your partner as an Attorney-in-Fact through a power of attorney. Doing so will give your partner the ability to make financial and medical decisions on your behalf if you become incapacitated and cannot make these decisions for yourself.
- Name your partner as the pay-on-death beneficiary, so they can inherit certain assets, such as the assets in a bank account or any other accounts that allow you to assign a pay-on-death beneficiary. These designations will take precedence over a trust or will, so be sure to review them regularly.
- You should also write a letter of instruction to your partner, explaining everything they should know about managing your estate. If your partner is unfamiliar with your finances, you might want to consider giving these instructions to another representative.
Schedule an Initial Consultation with an Experienced Estate Planning Attorney to Get Started!
If you and your partner are not married, you can benefit immensely from creating an estate plan. At Drexler Law, our skilled estate planning team can guide you through this process and help you create a plan that best suits your particular needs and goals. Backed by more than 100 years of experience, you can rest assured our law firm has what it takes to assist you.
Reach out to our law office today at (719) 259-0050 to schedule a consultation with one of our attorneys to begin the process of creating an estate plan.