Estate Planning Strategies for Couples Who Aren’t Married
If you are married, your property will likely transfer to your spouse upon your death. If you aren’t married, property could go to a parent, sibling or other relative. Therefore, it is important to specify in a will or trust that a partner is to get your belongings. Let’s take a look at some other reasons why unmarried couples should create an estate plan that takes their unique relationship status into account.
Unmarried Couples May Lack the Ability to Stay Together in the Hospital
Generally speaking, a husband can be in a hospital room with his wife if she is sick or recovering from surgery. The same is generally true for a wife who wants to be with a husband who is ill or recuperating from a procedure. However, unmarried couples may not necessarily be allowed to see each other in a hospital setting. Unless a partner is a patient’s medical agent, access to that individual may be restricted to family members only. Therefore, it can be critical for unmarried individuals to draft power of attorney documents to give them similar rights to married partners.
Protect Your Right to Inherit Property
Assets can be placed in a trust for the benefit of a long-term partner or passed to a partner through a will. Individuals may also use beneficiary designations or title property in a manner that provides ownership rights to a significant other upon their passing. In some cases, a house, car or other item may be gifted without triggering a taxable event.
Review Your Plan With an Attorney
If you currently have an estate plan, it may be a good idea to review it with a trust administration lawyer in Las Vegas. This may make it easier for both you and your counsel to understand your goals and how you can achieve them. If necessary, your attorney may be able to help create or edit plan documents.