The Essential Estate Planning Tool Kit for Unmarried Partners

Navigating estate planning can be complex, especially for long-term, committed partners who aren’t married. Without proper planning, your partner may not inherit any of your money or property, and they may be left out of critical financial and medical decisions when you need them the most. Instead, your family members might end up in charge of your affairs and receive your assets. To ensure your wishes are honored, it’s crucial to have a well-stocked estate planning tool kit. Here are seven essential documents to consider:

1. Last Will and Testament

A will allows you to specify who gets your money and property after you pass away. It names an executor to handle your estate and distribute assets according to your wishes. However, keep in mind that a will must go through probate, which can be a lengthy and public process. If you want to leave assets to your partner or minor children over time, this process could extend for years. Despite its limitations, a will is useful, especially if you want to leave your family less than what state law might provide or if you have significant debts.

2. Revocable Living Trust (RLT)

An RLT is a flexible trust created during your lifetime that can be altered at any time. You act as the trustee and can choose a co-trustee or successor trustee to manage your assets if you become unable to do so. This trust allows you to control your assets during your life and dictate how they will be handled after your death or incapacity. An RLT helps avoid probate and can protect your partner’s access to your assets, even from creditors or new partners. It can also be structured to benefit other loved ones, such as children from previous relationships.

3. Pour-Over Will

A pour-over will complements your RLT by ensuring that any assets not already transferred to your trust are moved into it upon your death. This type of will directs that remaining assets go to your trust, ensuring they are distributed according to your trust’s instructions and avoiding probate complications.

4. Financial Power of Attorney

This document allows you to appoint someone, such as your partner, to handle your financial matters if you are unable to do so. You can specify the scope of their authority and whether they can act immediately or only upon your incapacitation. A durable financial power of attorney ensures your agent can continue to manage your affairs even if you become incapacitated.

5. Medical Power of Attorney

With this document, you designate a trusted person, like your partner, to make healthcare decisions on your behalf if you cannot. Without this designation, your loved ones might have to go to court to appoint a decision-maker, and a judge could choose a family member over your partner.

6. Advance Directive or Living Will

This document outlines your wishes regarding end-of-life care. It’s essential to communicate your preferences clearly to avoid putting your partner in a difficult position of making decisions without knowing your desires. This can also help prevent disagreements among family members about your care.

7. HIPAA Authorization Form

This form allows specific individuals, including your partner, to access your medical information. It helps keep your loved ones informed during emergencies without giving them decision-making power. This can reduce stress and clarify the reasons behind medical decisions made by your partner.

Let Us Build Your Tool Kit Today

At Cheever Law, APC, we don’t just draft documents; we ensure you make informed and empowered decisions about life and death for yourself and the people you love, starting with a valuable and educational Life & Legacy Planning Session. This will allow you to get more financially organized and make the best choices for the people you love. If you have already completed your estate plan, we will review that plan at your Life & Legacy Planning Session to ensure that it will work the way you intend and address any holes or gaps that may be present if circumstances have changed since you executed your plan. ??

To learn more about our one-of-a-kind systems and services,?contact us ?or?schedule a no-obligation 15-minute introductory phone call ?today.