Why Estate Planning for Unmarried Couples Is Essential

When many people think of estate planning, they imagine married couples with children or ultra-wealthy individuals protecting multiple homes and lots of cash. But estate planning for unmarried couples is just as important, and in many cases, more critical. Here’s why.

If you’re in a long-term relationship and not legally married, failing to plan ahead could leave your partner vulnerable in the event of illness, incapacity, or death. One reason is that the law does not automatically protect unmarried partners. Even if you’ve been together for decades, shared a home, raised children, or co-mingled finances, your partner may have no legal rights if something happens to you.

Without the right legal documents, your partner may not be able to make medical decisions on your behalf. They may be locked out of shared property or bank accounts in your name. Your genetic family (not your partner) may inherit everything, even if that’s not what you want. They could even be left without a place to live if your name is on the deed or lease.

Key Documents for Unmarried Couples

The good news? With a few smart steps, you can give your partner the legal protection they deserve. These are 4 legal documents every unmarried couple should consider:

1. Revocable Living Trust: A living trust lets you pass assets directly to your partner without going through probate court. This is important because probate can be expensive, take a long time, and is public. A trust also allows you to name them as your trustee, giving them control if you become incapacitated.

2. Durable Power of Attorney: This document lets your partner handle legal and financial matters if you're unable to do so yourself due to illness or an emergency.

3. Health Care Proxy / Medical Power of Attorney: A health care proxy allows your partner to make medical decisions on your behalf if you can't communicate. Without it, they may be left out of critical conversations.

4. HIPAA Authorization: Gives your partner access to your medical information. Without this, hospitals and doctors may refuse to share anything due to privacy laws.

We Can Help

Ready to start your own planning? Book a Peace of Mind Planning Session. We’ll share your options and our flat fees. Then, if we decide we’re a good fit to work together, we’ll discuss the next steps! Spots are limited -click HERE to book today!