You’re in love. It doesn’t matter if you have a piece of paper to prove it, right?
In the grand scheme of life that would be a true statement. However, that sentiment wouldn’t hold up in court, especially when your other half is up against family members in the event of your death.
We realize social norms around marriage and cohabitation between couples — especially for same-sex couples — have changed in the 21st century. Fewer people are choosing to get married, and divorce rates are on the rise. Couples are choosing to blend their lives together, running businesses, sharing assets, and having children together — married or not.
We agree, love is love, but not in the eyes of the law, and we want you to be prepared to face the implications you or your partner may meet if one of you dies.
Below are two reasons why it’s a good idea to have a will, even if you’re not married.
What happens to your assets and property?
If you don’t leave a will, none of the inheritance you leave is guaranteed to go to your partner if one of you dies. Naming your partner as a beneficiary in your will and on your individual assets is crucial to ensuring your partner will receive your assets. You will also need to have a financial power of attorney granting your partner the ability to manage your financial assets in the event of incapacity. Your estate planning attorney can help you prepare these legal documents and review your beneficiary designations to ensure your assets end up where you want them to go.
Who will make medical decisions for you if you get too ill or hurt to make them yourself?
In the event of incapacitation due to illness or injury, one of your family members will likely be called upon by the court to make decisions on your behalf, not your partner. In most cases, if someone is not a family members, for example, your long-term partner, they won’t have any say in what happens to your medical care or end-of-life decisions. You can only be ensured that your partner would be in charge of your medical care and decisions if you specifically name them in your medical power of attorney.
Ultimately, there’s no better way to protect your partner than with a comprehensive estate plan. With a will, trust, and power of attorney properly prepared by a knowledgeable estate planning attorney, you can rest easy knowing that your loved ones will be taken care of after you die. If left unprotected legally, your partner virtually has no rights to any part of the life you worked to build together.
We understand that many couples choose to remain unmarried, but let us help you protect each other in case one of you dies or becomes incapacitated.