Estate planning is thought of as one of those things reserved for people entering their golden years. This simply isn’t the case. In fact, holding on to this belief can have serious consequences for your loved ones if you die unexpectedly. One situation in which estate planning is vitally important, no matter your age, is when you have are not married to your partner.
Life Partnerships
Life partnerships are arrangements in which two people have made an informal agreement to remain with each other for life, even though there is no legal documentation. For the purposes of estate planning, neither partner has any rights over the other’s assets or end of life decisions. This is different than if you are in a registered domestic partnership or civil union. Even then, these distinctions depend on the state in which a couple lives. Even with the federal ruling on same-sex marriage, civil unions are still a choice for couples who want the protections associated with marriage, but might have an issue with marriage as a concept or institution.
If you are in a life partnership at the time of your death, and you have not made a last will and testament, your surviving partner will not be legally entitled to anything you owned or that was considered your sole property. Instead, everything not jointly owned will go to your living relatives. In cases of medical incapacitation, the same rule applies – your partner will not be able to speak or make decisions on your behalf.
Some states have common-law marriage statutes and can declare a partnership a marriage.
Remember, even domestic partnerships and civil unions are considered fully legal in some states, while others will not.
Why Make a Will?
There are many who don’t consider writing a will because they don’t want to consider their future death. If you are in a life partnerships, a domestic partnership, or a civil union, and you want to leave your property to your significant other, creating a will is important, regardless of age. The unfortunate truth is that accidents happen, and you have to protect those you love. If you own property and want to ensure it is distributed according to your wishes, you need to take the time to consider estate planning.
Children
If you have any children at the time of your death, their fate may be left to the courts if you don’t have a will. By appointing guardianship, you ensure they can stay with your partner regardless of status shits and state residency. There only extenuating circumstances in which your appointment may be overruled by the courts are situations where your partner or appointed guardian is deemed unfit to raise your children. This rule applies to all potential guardians but it isn’t always applied equally.
Titled Documents and Beneficiaries
If you own a home or car, the best way to make sure they go to your partner is by purchasing them in both of your names. However, you can also list these titled items in your will if there is some reason that you don’t want both names on the document. Make sure any retirement investments or bank accounts are included in your will, and that you have filed a beneficiary designation so you can ensure they go to your partner or anyone else you choose.
Be Prepared and Protected
By taking the proper steps to establish an estate plan now, you will be able to make sure your life partner receives the assets you intended for them to have upon your death. If you have any questions, make sure to contact an estate planning attorney at Clear Counsel Law Group to learn more. There are many estate planning instruments that can bring you security and peace of mind for the future.