Committed partnerships between couples who are not married, but who often share a residence, finances, and, most importantly, mutual goals for a future, require special estate planning. Traditional plans are designed for married couples or individuals, but there are new ways to create joint trusts as a non-married partnership. Partners should consider if a joint plan is right for them though. If you have not and do not intend to co-mingle your finances, and if you each wish to leave assets to different people, then two separate documents that provide for each other but keep assets separate, may be the better solution. For those who truly intend on having a lifetime partner, who wish to co-mingle their lives in every respect, and who have mutually agreed upon beneficiaries after the surviving partner’s passing, a joint trust can be a useful tool. Like any estate plan, here are some questions to consider: Who would be the trustee if both partners are unable to act? Where does the money go after the surviving partner’s passing? What if the surviving partner gets married or enters into another committed relationship after the passing of the first partner? Does a surviving partner receive everything for his or her lifetime or will it be limited to a house and income from the trust?
The world is seeing more and varied ways of people living in long term relationships that do not fit the traditional standards. For these couples, estate planning is of the utmost importance. While intestacy laws may not be how a married person envisioned their assets being divided without an estate plan, the law does provide some protection for spouses. For those who have no legally recognized commitment, the lack of an estate plan can mean disaster for the other partner, and not just in the event of death. Without a health care directive and power of attorney, your partner may have no authority to have any say in your medical care or how you are financially provided for.
At Grissom Law, we have worked with clients from all walks of life, from the most traditional marriages to lifetime partners to single individuals. We know the concerns and challenges each relationship presents and how to draft an estate plan to fit your specific needs. Contact us at 678.781.9230 today to schedule a time for us to help you prepare your plan.
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This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney-client relationship between you and Grissom Law, LLC.