ESTATE PLANNING WHILE UNMARRIED
As a result of widowhood or divorce, a greater number of older Americans are forming new partnerships. The U.S. Census Bureau reports that more than half of all older adults have only married once, opting to stay legally single in their future relationships.
Cohabitating can have unforeseen and unintended consequences without a legally recognized civil union, marriage, or domestic partnership certificate.
For instance, your assets are not mutually inheritable without careful estate planning.
Creating Comprehensive Legal Agreements:
If you're an unmarried couple, it's safer to draw up a comprehensive agreement, enforceable by the courts, to see you through your lives together. However, you won't want to co-mingle personal and financial clauses in a single contract, as it may render the agreement unenforceable.
The property and asset division is much like a prenuptial agreement.
Remember, joint obligations to a mortgage company or a landlord do not create a contractual relationship or entitle you to a property settlement in the event of death or the parting of ways. With non-marital agreements, each partner should also have a valid will for the state in which they live.
A living-together contract often includes rules regarding gifts received, living expenses, property purchases, inheritable rights, and a method for a dispute resolution that may arise later, typically through mediation. Having a living-together agreement in writing can avoid a host of future legal issues.
Estate Planning Attorneys Solve Challenges for Cohabitating Couples:
A legally binding living-together contract must work with existing plans for already-named heirs. A qualified estate planning attorney can draw up this contract and make necessary changes to current estate plans to avoid future legal conflicts. Like all estate planning documents, the regular review of its content to account for major life changes or preferences is crucial. If you plan to make substantive changes, it is best to be open with your partner and any adult children.
This document is designed for general information only. The information presented in this document should not be construed to be formal legal or tax advice nor the formation of a lawyer/client relationship.
For more information on this and other topics, please contact Kevin via any of the channels listed below:
📧 kevin@kmckernan.com | 📞 718-317-5007