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 become overwhelming. Proper planning is essential to ensure 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 override a will. It's essential to update these designations to ensure your partner is properly covered. Failing to do so could result in your assets being distributed to unintended beneficiaries, bypassing your partner entirely.

How a Will Protects Your Partner

Establishing a Last Will and Testament allows you to designate your partner as a beneficiary and appoint an executor to manage your estate in line with your wishes. Without a will, state laws will dictate how your assets are distributed, which may exclude your partner. Taking this step ensures that your partner's inheritance is protected according to your desires.

Utilizing a Trust for Additional Protection

Consider setting up a trust to add another layer of security. A trust protects assets from legal challenges and allows for a quicker, more private transfer of assets to your partner. Additionally, it helps avoid the probate process, ensuring that your partner can access your assets without unnecessary delays.

Estate planning is not just for married couples. Unmarried couples must take extra steps to ensure their partner is protected. Setting up a will, creating a trust, and updating beneficiary designations are essential actions you can take now to safeguard your future. Reach out to our estate planning firm to begin setting up these important legal documents.