Unmarried couples face unique legal challenges when it comes to estate planning. These challenges can bring about emotional and financial complexities, especially when there isn’t a legal framework to protect both partners. Proper planning is crucial to ensure that your partner is protected and receives what they are entitled to. Here are key steps you can take to safeguard your future together:

Updating Beneficiaries: More Than a Formality

Beneficiary designations on retirement funds, life insurance policies, and other accounts override a will. It’s essential to update these designations to ensure your partner is properly covered. Without these updates, your assets might go to someone else, regardless of what your will states.

How a Will Protects Your Partner

Without a will, state laws will dictate how your assets are distributed, which may exclude your partner. Creating a last will and testament allows you to designate your partner as a beneficiary and appoint an executor to manage your estate in line with your wishes. This step is vital in ensuring that your partner inherits your assets and that your desires are honored.

The Added Security of a Trust

Consider establishing a trust for added protection. A trust can safeguard assets from legal challenges and allow for a quicker, more private transfer of assets to your partner. This can also help avoid the probate process, making the transition smoother and less stressful during an already difficult time.

Estate planning isn’t just for married couples. Unmarried partners must take extra steps to ensure they are protected. Setting up a will, creating a trust, and updating beneficiary designations are essential actions to safeguard your future. Don’t wait - these steps can offer peace of mind and financial security for both you and your partner.

Reach out to our estate planning firm to begin setting up these important legal documents and ensure your partner is well protected.