Unmarried couples face unique challenges in estate planning, often lacking the automatic legal protections afforded to married partners. Proper planning is essential to navigate the emotional and financial complexities that arise when there is no legal framework to support both partners.

How a Will Protects Your Partner

A Last Will and Testament is crucial for unmarried couples. Without a will, state laws will determine the distribution of your assets, potentially excluding your partner. By creating a will, you can designate your partner as a beneficiary and appoint an executor to manage your estate according to your wishes.

Why Updating Beneficiaries is Crucial

Beneficiary designations on accounts like retirement funds and life insurance policies override the instructions of a will. Therefore, it’s vital to ensure these designations are up-to-date, reflecting your current wishes to guarantee your partner is adequately covered.

Consider a Trust for Additional Protection

Establishing a trust can provide an extra layer of security for unmarried couples. Trusts help protect assets from legal challenges and facilitate a quicker, more private transfer of assets to your partner, bypassing the probate process altogether.

Estate planning isn’t just for the married; it’s an indispensable step for unmarried couples who must consciously protect each other. By establishing a will, updating beneficiaries, and considering a trust, you are taking proactive steps to secure your partner’s future.

Reach out to our estate planning firm today to begin preparing these crucial legal documents and safeguard your loved one’s future.