Marriage in Your Golden Years (Part 3 in a 3 Part Series)

Part 3: We Made Our Decision and We’re NOT Getting Married. Now What?

So you have considered the options and you have decided not to get married. This doesn’t mean you love your partner any less, but there are some provisions to make in the eyes of the law. Just because you’re not getting married doesn’t mean you can skip a visit to the estate planning attorney. In fact, it is essential for unmarried couples to see an estate planning attorney. With good planning unmarried couples can receive many of the same benefits as married couples and avoid stressful situations.

Health Care Decision Making- If you are an unmarried couple, you do not have any right to make decisions regarding your partner’s health care. If your partner ends up in the hospital, the hospital is not obligated to release any information to you regarding their health, or to even let you into the hospital room. Proper planning can eliminate this stressful situation. An attorney can create a Power of Attorney for Health Care for you and your partner, thereby giving you health care decision making rights. You can also sign a HIPAA medical release (Health Insurance Portability and Accountability Act) giving you access to your partner’s medical information.

Property- If your partner becomes incapacitated the court will assign a guardian to make financial decisions. You won’t automatically be given the right to make financial decisions for your partner. A Durable Power of Attorney for Property will give you that power and eliminate the need for a public court date to determine a guardian.

Wills and Trusts- Make sure you have a will or trust listing your partner as a beneficiary to your estate. Whereas married couples will automatically inherit a share of the estate from one another, an unmarried partner will have no right in the eyes of the court unless specifically noted. Also, as with any estate plan, make sure your family is aware of the terms of your wills or trusts.

Taxes and Gifts- Married couples can leave each other as much as they want without paying an estate tax. On the other hand, an unmarried couple cannot. Make sure you take time to look at the tax consequences of gifts when setting up your wills and trusts.

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Make sure you keep these important documents close at hand. Keep the original copies in a safe place, and have extra copies somewhere you can get to them easily. We recommend keeping the originals in a safe or lock box, and giving copies to close family members as well as your doctors’ offices. Keep an original somewhere you can quickly access in case of unexpected situations.

With proper planning, you and your partner can share the rest of your lives together without the unwanted consequences a marriage may create. Make sure you see an estate planning attorney to help draw up the above important documents which will allow you protection as a couple.

I work hard to ensure that my clients can live the lives they want knowing that their assets and healthcare decisions will be taken care of in the way they want. Estate planning can provide peace of mind now, and later down the road.

Unanswered questions from our series? Check out the information center http://handslaw.com/Page/information_center on our website.

To schedule a consultation with Mr. Hands call the office at 630-574-0123.