Estate Planning Tips for Unmarried Couples
Estate Planning | Being married can provide several benefits when it comes to estate planning. But if you and your partner are not married, there can be extra steps involved to ensure your assets are protected and will be adequately distributed. If you are unmarried to your partner, it’s important to put legally binding documents in place since there is no legal relationship with the state that grants those rights.
One of those documents that can assist you and your partner if you get sick is the power of attorney. This is a living trust that allows you to designate a decision-maker in the case of a health emergency. In the case where a health directive is not in place, the court will make health decisions instead.
In the case of a death between unmarried partners, there are additional legal documents that need to be in place to ensure your assets and finances are in order. These documents include a last will and testament as well as any trusts. It’s important to get legal assistance when drafting these documents to ensure they’re correctly drafted and legally binding.
If you or your spouse have minor children that your partner has not legally adopted, there are precautions that need to be in place to ensure they are appropriately taken care of. Make sure to name an appropriate guardian, and spell out in your will what assets each child should receive, especially if the children are not your biological children.
It’s important to speak with an attorney that is specialized in estate planning to determine what documents should be in place to ensure both you, your spouse, your assets and your children are taken care of in the case of an emergency. The attorneys at Mortellaro Law can be your trusted partners throughout the estate planning process.