Marriage can provide couples with certain benefits they cannot obtain without it. Some examples include filing joint taxes, collecting each other’s inheritances, social security benefits, paying hospital visits automatically, and even having their immigration status adjusted. Unfortunately, life partners that choose to remain unmarried are not automatically granted access to these benefits. However, by creating an in-depth, comprehensive estate plan, you can secure plenty of rights that married couples enjoy. Read on to learn more about creating an estate plan as an unmarried couple.
What is an “Attorney-in-Fact?”
Durable Powers of Attorney are incredibly useful tools for unmarried couples who wish to secure their futures. Durable Powers of Attorney allow individuals to give their partner certain rights to make key life decisions for them, should they ever become incapacitated. For example, your partner may be able to make important decisions regarding end-of-life treatment. They may also be able to handle your finances in the event that you are unable. This responsibility should go to someone you trust, like a friend, family member, or your partner.
What is a Digital Estate Plan?
Technology is constantly evolving. It is a major part of our lives. Many people do not realize it, but you will have to plan for your digital assets as well. You most likely have iPads, computers, online accounts containing personal or sensitive information, or even intellectual property stored electronically. To ensure the entirety of your estate is accounted for before your passing, you must establish a digital estate plan as well.
What is the Purpose of a Letter of Instruction?
Letters of instruction are great ways for unmarried couples to document their wishes to be carried out upon their passing. In these letters, individuals can inform their partners of various odds-and-ends, such as where certain assets are located or hidden, passwords or passcodes to safes or online accounts, potential bills that need to be addressed, and more. In order to ensure that everything is covered in this letter, you should go over it with an experienced estate planning attorney.
If you are an unmarried couple looking to create an estate plan, contact our firm today. We are here to help you secure your future with your partner.
Contact our Firm
The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.
