Written by: Barrett R. King, Esq.

 

Today, more and more couples are making the decision to live together without being legally married. While estate planning is important for married couples, it is arguably even more essential for couples that live together without getting married. Without an estate plan, unmarried couples won’t be able to make end-of-life decisions or inherit from each other’s probate estates. 

 

A well drafted estate plan will determine who can make decisions on your behalf if you become incapacitated  and who inherits your property when you die. In the event that a married couple has failed to plan and a spouse passes away, there are laws in place to protect them by governing the distribution of property. If a will does not exist, property will be passed to your spouse and child(ren), or to your parents if you die without a spouse or child(ren).

 

Unfortunately, there are no similar laws in place to protect couples that are not married. In the absence of laws, an estate plan can ensure that your partner is not excluded from the decision making process and the inheritance. 

 

Below you will find essential estate planning steps that can help alleviate the complications that come along with the passing of an unmarried partner:

 

1. Jointly title property with right of survivorship. If one joint tenant passes, the remaining joint tenants own the property.
2. Name your partner as the beneficiary on bank accounts, retirement funds and life insurance. Without a specific beneficiary designation, your partner will not have access to or the benefit of any of those accounts.
3. Appoint your partner as your attorney-in-fact in your Power of Attorney. This will enable them to act on your behalf on financial and legal matters in the event that you become incapacitated. Without a ower of Attorney, your partner may need to seek guardianship which takes time and money and may be opposed by your parents, adult children or other family.
4. Establish an Advance Medical Directive. This will define a decision maker and outline a plan for your medical care in a situation in which you become incapcitated.
5. Draft a Will. Your will is a legal document that coordinates the distribution of your assets after death and can appoint guardians for minor children. Without a will, the state provides how your assets are distributed and may not result in an outcome in accordance with your wishes.
6. Create a trust. A trust will allow the grantor to make sure their assets are managed the way they wish during their lifetime even when incapacitated and how they are to be distriubted upon your death. As a trustee, your partner can seamlessly take over in the event of your incapacity.

 

Creating a successful estate plan is crucial for couples – especially if you don’t plan on getting legally married. Without a careful and thoughtful arrangement put together by experienced attorneys, you can almost guarantee that your loved ones will experience frustration, fees, and delays upon management and distribution of your estate. 

 

This can all be avoided by nurturing your roots soon after you plant them. Contact our attorneys to learn more about how we can help you plan for a bright and secure future for both your relationship as a couple, and your family.