Tips for Your Estate Plan if You and Your Partner Are Unmarried
If you are living with your partner, but the two of you are not legally married, it becomes important that you plan for your estate thoroughly. This is especially true if you consider yourselves life partners and you wish to pass on your assets and property to your partner upon your death.
Otherwise, if you pass away without a will, state law will dictate where your property goes — and your partner could be left out of that process altogether.
Below are a few estate planning tips for unmarried partners:
- Create wills: Because you are not married, writing a joint will is not an option, so you will need to each create your own will. Without a will, most of your property will be passed to your children, parents and/or siblings.
- Jointly own assets: Another way to ensure you inherit property from each other if one of you passes away is to put large items — such as real estate and motor vehicles — under both of your names. If you pass away, your partner will automatically assume full ownership of that property. To do this, simply put both of your names on the official title of the asset.
- Designate beneficiaries on your accounts: If you have retirement accounts, payable-on-death accounts or certain types of investments, you may name a beneficiary who will receive a payout upon your death. Simply name your partner as the beneficiary to ensure he or she receives that money.
- Establish powers of attorney: Create powers of attorney for healthcare and finances so your partner can make decisions about your medical care or financial matters on your behalf if you are unable to do so yourself due to incapacitation.
To learn more about you how can establish a comprehensive estate plan with your partner, consult a knowledgeable Florida wills and trusts lawyer at The Charles Law Offices.