Estate Planning for Unmarried Couples
Most single adults do not think too much about life decisions related to estate planning. They may believe that estate planning is something they will do once they are married. However, estate planning is essential for singles and unmarried partners. Without an estate plan, your partner may be locked out of important decisions about your health care and your estate.
Talk to a Maryland estate planning attorney now to protect your wishes and ensure your partner is provided for after your death.
What Happens if I Die Without a Will?
If you die without a Will, your assets are distributed according to the Maryland intestacy law. Under intestate laws, only blood relatives and spouses inherit from the estate. Therefore, your partner would receive nothing from the estate if you were not married at the time of your death.
Married couples inherit from each other’s estates under intestacy law. However, even married couples need a Will to ensure that their assets are distributed according to their wishes, which may differ from state intestate laws.
What Should Unmarried Couples Do to Protect Each Other?
If you do not wish to be married but want your partner to inherit your estate, you need to draft a Will. Your Will dictates who inherits your assets after your death. Parents with minor children also need a Will to designate a guardian for their minor children.
There are other ways that unmarried couples can provide for each other and ensure they have a say in financial affairs and health care decisions. Some estate planning documents you might want to discuss with an estate planning attorney include:
● Revocable Living Trust – You manage your assets during your lifetime through the trust. The assets are distributed to beneficiaries you choose after your death. Revocable trusts avoid probate for the assets held within the trusts.
● General Durable Power of Attorney – Allows your partner to make financial decisions and transact business in your name, even if you become incapacitated.
● Life Insurance Policies – You can designate your partner as your beneficiary.
● Health Care Proxy or Health Care Power of Attorney – You may appoint your partner to make medical decisions for you if you cannot do so.
● Joint Bank Accounts – Joint bank accounts with the “right of survivorship” pass directly to the surviving account holder upon the death of the other account holder.
● Real Estate – You can hold title to real estate as joint tenants. The real estate would pass directly to your partner upon your death.
Unmarried couples may have family members who would object to the partner making health care decisions for their loved one. They may also object to an unmarried partner receiving property after their family member’s death. The only way to protect your partner is to have an estate plan.
Unmarried couples also need to consider how they will fund their retirement. Unmarried partners are not entitled to their partner’s Social Security benefits. Therefore, they may need to explore other options for retirement planning.
Contact Our Maryland Estate Planning Attorney for More Information
If you are unsure where to begin, we can help. Call our office to schedule a time to meet with an experienced Maryland estate planning attorney. Get the legal advice you need to ensure that your wishes are carried out after your death.
