Protect Your Partner: The Importance Of Estate Planning For Unmarried Couples
When you share your life with someone, your heart doesn’t care about legal statuses or titles. But the law does. For unmarried couples, the absence of legal marriage can create significant challenges in times of loss or illness. If one partner passes away without a will, the surviving partner might find themselves without any legal claim to the estate they helped build. Similarly, if one partner becomes incapacitated, the other may have to endure a costly and stressful legal process to make decisions on their behalf. Estate planning is not just helpful; it’s crucial for protecting the rights and wishes of both partners in an unmarried couple.
At Chayet & Danzo, LLC, our team has been guiding clients through the complexities of estate planning for over 20 years. Our attorneys understand the nuances of Colorado estate law and are committed to crafting a personalized plan that protects your interests and fulfills your needs. They will take the time to listen to your concerns and answer your questions with the care you deserve. With offices in Denver and Edwards, our lawyers work with unmarried couples statewide.
Key Elements Of Estate Planning For Unmarried Couples
Without the legal protections that marriage affords, unmarried couples must be proactive in planning their estate to secure their future together. Here are key elements to consider:
- Wills and trusts: A will is an essential core document for distributing your assets according to your wishes. Without it, state laws dictate who inherits your assets, often leaving unmarried partners with nothing.
- Trusts: Trusts can also be used to manage your assets, providing privacy and potentially reducing or eliminating estate taxes. Trusts offer greater flexibility than wills. There are many types of trusts; our lawyers can help you determine which ones are right for you.
- Powers of attorney: Durable powers of attorney, both financial and medical, will empower your partner to manage your affairs and make health care decisions if you become unable to do so. Without these legal documents, your partner may not have the right to act on your behalf.
- Health care directives: Also known as a living will, this document will establish your wishes regarding medical care and end-of-life decisions, providing written guidance in the event that you are unable to communicate your wishes.
- Beneficiary designations: Often overlooked, designating your partner as a beneficiary on retirement accounts, life insurance policies and other assets is a simple and straightforward way to make sure that those assets transfer to your partner.
- Strategic real estate titles: Some types of real estate titles automatically confer rights of survivorship to a co-owner who outlives the other. These are important for both married and unwed partners who want to jointly own property together.
Every relationship is unique, and so are the solutions that our team provides. Every estate planning tool should be carefully and thoughtfully crafted to address your unique situation. Our lawyers can help you build a comprehensive estate plan that reflects all your assets, wishes and the legal protections you wish to provide for each other.
Estate Planning Is An Act of Love
Think of estate planning as less about dealing with death or incapacity and more about celebrating life together. It’s about ensuring that the person you cherish most is protected and provided for, no matter what the future holds. It’s about giving both of you the peace of mind that comes from knowing that you’ve taken steps to make sure your partner can maintain the lifestyle you’ve built together, even in your absence.
Get Started On Your Shared Estate Plan Today
Don’t wait until it’s too late to start planning for your future together. Protecting your partner and securing your shared future doesn’t have to be a complicated process. At Chayet & Danzo, LLC, our attorneys are here to make estate planning as straightforward and stress-free as possible. They understand the dynamics of estate planning for nontraditional and blended families and bring that sensitivity and know-how to every consultation. Contact us today online or by phone at 888-472-1088 for a free consultation.