Unmarried couples face unique legal challenges when it comes to estate planning. Without the legal protections that marriage offers, the emotional and financial complexities can be overwhelming. Proper planning is crucial to ensure that your partner is protected and receives what they are entitled to.

Why Updating Beneficiaries is Crucial

Beneficiary designations on retirement funds, life insurance policies, and other accounts take precedence over a will. It is vital to regularly update these designations to make sure your partner is properly covered. Failing to do so can result in your assets going to unintended recipients, potentially leaving your partner unprotected.

How a Will Protects Your Partner

A Last Will and Testament is essential for unmarried couples because, without it, state laws will dictate how your assets are distributed. This often excludes your partner. By creating a will, you can designate your partner as a beneficiary, ensuring they receive what you intend for them. Additionally, you can appoint an executor to manage your estate in line with your wishes.

The Benefits of Creating a Trust

Considering a trust can add an additional layer of security. A trust protects assets from legal challenges and allows for a quicker, more private transfer of assets to your partner. Trusts are beneficial because they help avoid the lengthy and often public probate process, ensuring that your partner has easier access to the assets you intended for them.

Estate planning is not just for married couples. Unmarried couples must take extra steps to protect each other since they lack the automatic legal protections marriage offers. Setting up a will, trust, or updating beneficiary designations are essential steps you can take now to safeguard your future and ensure that your partner is taken care of.

If you're ready to start planning, reach out to our estate planning firm to begin setting up these important legal documents today.