When one thinks of estate planning, one generally thinks of an elderly couple with children (and maybe grandchildren) wishing to divvy up their assets to their heirs. While this may be true in some instances, estate planning guidance is just as, if not more so, important for unmarried couples as it is for married couples.
While there are state laws in place to protect spouses in instances where an estate plan was not established, by governing the distribution of property in the event of incapacitation or death, no laws are set forth for unmarried couples. Without an estate plan or directive, your partner may be shut out of the decision-making process should you become incapacitated or pass away.
To avoid this from happening, the following steps should be incorporated in your estate planning discussions:
- Joint Ownership of Property
- Durable Power of Attorney
- Beneficiary Designation
- Health Care Proxy
- Revocable Trust
The Forbes article “The Unique Estate Planning Needs Of The Unmarried” succinctly discusses the importance of why unmarried couples should have an estate plan.
We understand the delicateness of the conversation surrounding estate planning. We want to help you be protected should an emergency arise; you should not have to also worry about not being able to make important decisions for yourself or your partner. Schedule your complimentary consultation today to learn how we can help you with your estate planning needs.