Estate Planning for Unmarried Couples & Domestic Partners
The need for proper estate planning is paramount for unmarried couples and domestic partners. If a proper estate plan is not put into place, your significant other may be left out of important health and financial decisions, in the event you are incapable of making those decisions. There a variety of methods unmarried couples and domestic partners can avoid these unnecessary situations, including:
- Establishing a living trust and naming your partner as the trustee. By doing this your partner can become the manager of your affairs if you become incapacitated. A living trust also guarantees privacy, through the avoidance of probate and its process of opening court records.
- Establishing a Power of Attorney, to avoid your partner from being denied access to you during a period of incapacitation or ongoing health treatment and being denied the opportunity to provide input on decisions regarding your medical treatment.
- Establishing a proper estate plan will also ensure that your assets will be distributed to the person you have selected, not the person selected through a lengthy probate process.