Unmarried Couples

In part one of this two-part article, we explained that proper estate planning is about creating a set of written instructions to specify how you want your property handled after your death and how you want your property and health care decisions handled during any period you may be incapacitated. We also emphasized that while proper planning is important for everyone, it is especially important for unmarried partners.   Part one addressed after-death estate planning. In part two, we’ll look at what you need to consider in case of you or your partner’s incapacity.   Who Will Manage Your Assets if You’re Incapacitated? With proper planning, YOU decide   Incapacity means you are unable to make decisions for yourself.  Incapacity may result from an i...

Estate planning is creating a set of instructions that specify how you want your property handled after your death, and how you want your property and health care decisions handled during any period you may be incapacitated. Proper estate planning is important for everyone. But for unmarried partners—opposite sex or same sex—an estate plan is critical. In part one of this two-part article, we’ll look at some issues to consider for your after death estate planning.   Why Estate Planning for Unmarried Partners Is Critical Avoid the state default plan   In a way, everyone has an estate plan. If you haven’t created one, your state has a default plan for you. Your assets will probably go through a court process called intestate (no Will) probate. And your state...