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Not Married but in a Long Term Relationship?  You Need Estate Planning, Too

September 13, 2016

Filed under: Estate Planning — Neel Shah @ 9:15 am

It is becoming more common for couples to cohabitate and live together as if they are married but it is important to understand that you do not necessarily get the protections of marriage just by living together.

 

As many people already know, when two individuals get married, they get certain statutory rights to one another’s estates. As these rights are statutory they are automatically attached as spouses. If a married couple doesn’t wish to have these rights they can be limited by using a post-nuptial or pre-nuptial agreement. However, couples that are living together but are not married must have to plan in order to leave one another property.

 

In addition to handling questions over property, don’t forget about healthcare representative and power of attorney appointments. If two individuals want to be involved with one another’s healthcare decisions and finances over your lifetimes, you need to create this authority by meeting with an experienced estate planning attorney. This is the best way to protect your interests and to ensure that you have covered all of your bases.
Bear in mind that couples that have been together for some time but who are not married do not have the same protections as married couples and therefore must take additional steps to guard themselves.

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