Estate planning is for everyone in all stages of life. Individuals who are married, as well as those who are single, need a complete estate plan to protect their assets and interests. In fact, it is essential that unmarried couples create an estate plan. Otherwise, your assets will pass along to your family members and your partner will not inherit anything from your estate.
The following tips are extremely helpful for unmarried couples when creating their estate plan:
– Name your partner as your personal representative in your Will. Naming your partner as your personal representative of your Will authorizes them to handle matters associated with your estate. This means that they will be able to sell and distribute your assets, pay off your debts, and handle your assets and liabilities. You should also include your partner in your Will so that they receive part or all of your estate. If you have minor children together, the guardian/conservator you appoint for them will be listed here as well.
– Name your partner as your Durable Power of Attorney. When your partner is named your durable power of attorney he or she will have the authority to handle your finances and legal affairs when you are unable to do so.
– Name your partner as your Healthcare Power of Attorney. If you choose to name your partner as your healthcare power of attorney, it will authorize your partner to make medical decisions on your behalf if you are unable to do so yourself. Without this document, he or she may be prevented from speaking with medical professionals on your behalf, no matter what type of relationship you have with your partner or how long you have been together.
– Create a Living will. A living will is an important way for you to express to your partner your wishes in the event that you are in a medical state with no possibility of recovery. Your partner will then know whether you would want to continue or not continue life support when there is no possibility of recovery. When this document is not completed, your family members will have to make this difficult decision without knowing your intentions. This decision will typically have to be made by your legal next of kin, rather than your partner, if you do not name them as your healthcare power of attorney.
– Name each other as beneficiaries on your bank accounts. Naming your partner on your bank accounts, as well as other assets such as retirement funds and investments, will allow your partner to take ownership of these assets upon your death.
– Decide if a revocable living trust is right for the two of you. Some couples opt to create a revocable living trust. A revocable living trust will go into effect while you both are alive, unlike a will. Naming yourselves as initial trustees, will give you both the opportunity to handle your own affairs when you are able to do so. However, in the event that one of you is incapacitated or passes away, the other trustee can step in and handle the affairs. If both people are unable to perform the duties, the successor trustee can step in. In addition, if you have minor children, this is a way for you to structure when the children receive the estate. A revocable living trust will keep your estate from going into probate, something that your Will may not be able to prevent. While the decision of having a revocable living trust may seem difficult to make, at Sullivan Law we can help you decide which is right for you.
– Create a funeral declaration and name your partner as the designee. Creating a funeral declaration will take the guessing out of what an individual may want after their death. Naming your partner as designee will give them the authority to carry out these wishes while not having to guess as to what type of arrangements the individual may have wanted.
At Sullivan Law, we offer estate planning packages at a flat and reasonable fee. We also offer free consultations to discuss what your needs are, what you would like to do, and how that can be best accomplished. Everyone’s needs are different, and your wishes should be clearly listed and understood.
Call us at 248.917.1351 or email at asullivan@sullivanlawonline.com to schedule your free consultation today. We look forward to working with you!