![]() In addition, unmarried individuals may want to appoint their partners as fiduciaries of any estate planning vehicles they establish to ensure that their partners are authorized to manage their assets in the event of incapacity or death. Unmarried individuals in committed relationships should consider using Wills and, where appropriate, Revocable “Living” Trusts to ensure that their partners are recognized as beneficiaries of their estates. Wills, Revocable Trusts, and joint ownership can work in tandem to ensure that individuals can direct the distribution of their assets according to their wishes while safeguarding their surviving partners. Numerous estate planning tools are available to individuals in committed relationships, irrespective of marital status, to protect against state laws that might unintentionally disinherit their partners. Estate Planning Considerations For Unmarried Couples Below, we discuss key factors that unmarried couples, married same-sex couples, and couples in second marriages should consider when crafting their estate plans. With careful preparation, modern families can ensure their assets are distributed as intended, minimize transfer taxes, and align their end-of-life decisions with their wishes. Also, in cases where a partner dies without a Will, state intestacy laws may not automatically grant inheritance rights.Ĭouples in second marriages may also require specific planning strategies to secure their accumulated wealth, future income, and provide for their children, particularly those from prior marriages.Īll families should proactively address estate planning to safeguard against unintended consequences. ![]() For instance, couples who do not take the formal step of marriage under federal law may face limitations on estate and gift tax deductions. These families may encounter unique estate planning challenges and may not always enjoy the same legal advantages, spousal rights, and tax benefits as others. Modern families are complex and can consist of unmarried couples, married same-sex couples or couples in second marriages.
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