You and your partner may have been together for so long that co-workers, acquaintances and maybe even some of your friends don’t realize you aren’t married. It likely doesn’t matter to you that you haven’t taken that step and maybe never will.
In some matters, however, the law does distinguish between married and unmarried couples. That’s why it’s critical for long-term committed partners to explore the importance of estate planning. While each couple has their own unique concerns, let’s look at a couple of areas where you each will likely want to put some documents in place to help you care for each other.
Passing on your assets after you’re gone
It’s smart for just about every adult to have at least a will in place to designate how their assets will be distributed when they die. If they don’t, the state’s intestacy succession law takes over. That mandates that assets be distributed to spouses, children, parents, siblings and other relatives, depending on what surviving relatives the deceased has.
A romantic partner, no matter how long and committed the relationship was, is not a relative and can potentially receive nothing if there’s no will. There are other ways to leave some assets to a partner – for example, by including them as a beneficiary of a retirement or investment account. However, including them in a will is important for assets without beneficiary designations or titles. It also helps show family members and others your intentions that your partner inherit the bulk or at least part of your estate.
Giving your partner authority over your medical care
Estate planning isn’t just about what happens after you die. For example, if you want your partner to be the one interacting with your medical team and potentially making life-or-death decisions if you’re seriously injured or ill, you need to give them medical power of attorney to be your patient advocate.
It’s also smart to create an advance health care directive to designate your wishes for end-of-life care. This document is to be followed as closely as possible by your medical team and your advocate. Without these documents, you could have relatives fighting over what to do if your condition is dire, with your partner potentially being left out of the discussion.
Every couple’s situation, as noted, is highly unique. That’s why it’s important to get individualized estate planning guidance to protect your wishes and each other’s future.