Effective Estate Planning for Unmarried Couples

How a Will Protects Your Partner

One of the most critical steps in estate planning for unmarried couples is establishing a Last Will and Testament. Without a will, state laws will dictate how your assets are distributed, which may exclude your partner. Creating a will allows you to designate your partner as a beneficiary and appoint an executor to manage your estate in line with your wishes. This ensures that your partner receives what they are entitled to, preventing any potential legal disputes.

Why Updating Beneficiaries is Crucial

Beneficiary designations on retirement funds, life insurance policies, and other accounts override a will. It's essential to update these designations to ensure your partner is properly covered. Regularly reviewing and updating these designations can prevent any discrepancies and guarantee that your partner receives the intended benefits, aligning your financial documentation with your current wishes.

Consider a Trust for Additional Protection

A trust can add a layer of security, protecting assets from legal challenges and allowing for a quicker, more private transfer of assets to your partner. It also helps avoid the probate process, ensuring that your partner can access the necessary funds without unnecessary delays. Trusts offer financial independence and security, safeguarding your partner’s future.

Estate planning is not just for married couples. Without the legal protections that marriage offers, unmarried couples must take extra steps to ensure their partner is protected. Setting up a will, trust, or updating beneficiary designations are essential steps you can take now to safeguard your future. Reach out to our estate planning firm today to begin setting up these important legal documents.