Unmarried couples face unique legal challenges when it comes to estate planning. Without the protections that marriage offers, proper planning is crucial to ensure your partner is protected and receives what they are entitled to. Here, we explore key steps that unmarried couples should take to secure their future together.

Why Updating Beneficiaries is Crucial

Beneficiary designations on accounts like retirement funds and life insurance policies override a will. This makes it essential to update these designations to include your partner. Without proper updates, your partner might not receive the financial support you intend for them.

How a Will Protects Your Partner

Establishing a Last Will and Testament allows you to specifically designate your partner as a beneficiary. Without a will, state laws will dictate how your assets are distributed, potentially excluding your partner. A will also enables you to appoint an executor to manage your estate according to your wishes.

Setting Up a Trust for Additional Protection

Consider setting up a trust to add an extra layer of security for your partner. A trust can protect your assets from legal challenges and facilitate a quicker, more private transfer of assets to your partner, bypassing the lengthy probate process. This can ensure your partner's inheritance is protected and promptly distributed.

Estate planning is not just for married couples. Unmarried couples must take extra steps to protect their partners and ensure their wishes are honored. Start by setting up a will, updating beneficiary designations, and considering a trust. Reach out to our estate planning firm to begin setting up these critical documents and safeguard your future together.