For those couples who are partners but not married, it is equally important to start the estate planning process.
The U.S.Census Bureau recently released data indicating that there were 19.1 million couples cohabiting (the U.S.Census term) in the United States in 2018.
A whopping 48.5% of people between 18 and 34 years of age were unmarried and living together. The data showed that 9% of those living together were unmarried, compared with 7% who were married and living together in that age group.
Living together and unmarried, however, does not afford your partner the same legal protection that they would have if you were married and living together.
If you would want your partner, and not someone else, to be making health care decisions on your behalf, you need to safeguard their legal right to make those decisions.
If you want your partner to inherit your property, you would need a will to make sure that they receive their inheritance.
If you want your partner to inherit certain assets, like insurance policies, savings accounts, etc. you would need to create beneficiary designations.
If you want your partner to conduct your business affairs in the event that you are incapacitated, you need to put into place the documents to allow them to make business and financial decisions.
If you want your partner to benefit from certain assets that you hold and still be protected from creditors, then you might require a trust document to assure that protection.
If you want your partner to inherit and benefit from certain real estate investments, then you will need to make sure that those properties are appropriately titled in the state.
If you believe that a simple ‘letter’ or written statement of your wishes will give your partner the assurance of legal protection, you are wrong.
It is advisable to meet with a qualified professional (in the state where you reside) to determine what needs to be done so that your partner, even though you are not married to that partner, has certain rights under the law.
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