Unmarried Couple Planning
Unmarried couples face the same planning challenges that married couples do, yet it is even more important that you put your wishes in writing if you are unmarried. Spouses retain certain rights and priorities when it comes to making health care decisions, being a guardian for minor children, inheriting assets, and being a beneficiary of retirement benefits, that unmarried partners do not have. Therefore it is important to put your wishes in writing so that unmarried partners are not left out of your estate plan.
You should name your partner on your Health Care Proxy, your Power of Attorney and your Disposition of Remains Appointment so that your wishes are clear as to the role this individual will play in making these decisions for you.
If you plan to leave assets to your partner, you should have a will that specifically names your partner and describes what assets you wish to leave to your partner. If you would like your partner to be the Executor of your Will, and the Guardian of your minor children, you should name them specifically in your Will. You may also wish to consider a Revocable Living Trust, to give your partner control over your assets in the event you become incapacitated, and to avoid probate and provide for a smooth transition of your assets upon your death.
We have helped a variety of couples from Albany, New York City, and many other communities who have needed power of attorney, health care proxy, or will and trust services. Our team is ready to work with you to create a plan that will take care of the needs of you and your partner.