While estate planning is one of those things that many think is reserved for those who are entering their golden years, this just isn’t true. In fact, holding on to this belief can have serious consequences for your loved ones if you pass on unexpectedly. One situation in which estate planning is vitally important, no matter what your age, is if you have a life partner to whom you are not legally married.
Life Partnerships
Life partnerships are those 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 property or end of life decisions unless there is a registered domestic partnership or civil union depending on the state in which you live. If you are in a life partnership at the time of your death, and you have not made a will, your surviving partner will not be legally entitled to anything you owned or that was considered your property. Instead, everything 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.
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 domestic partnership, and you want to leave your property to your significant other, you must create a will – regardless of your age. The unfortunate truth is that accidents happen, and you have to protect those you love. If you own property that you want to make sure goes to your partner, you need to take the time to consider estate planning.
Children
If you have any children at the time of your death, their fate will be left to the courts if you don’t have a will. By appointing guardianship, you will make sure they can stay with your partner. There are extenuating circumstances in which your appointment may be overruled by the courts, but this generally only occurs in situations where your partner or appointed guardian is deemed unfit to raise your children.
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 will these titled items in your will if there is some reason that you don’t want both names on the document. You will also want to 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 whomever else you choose.
By taking the proper steps to estate planning now, you will be able to make sure your domestic 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 in your area.
