It is more and more common for couples to choose not to be married. Even if couples choose to live together, there are some fundamental differences between the benefits that are afforded to married couples and those who choose not to get married. That is why we’ll explain the importance of estate planning for unmarried couples.

Drawbacks of Being Unmarried

Though remaining unmarried may be better for your relationship, there are some legal ramifications to doing so. Here are some of the benefits that are not afforded to unmarried couples:

  • Partners cannot make decisions for each other should one become incapacitated and unable to speak for themselves
  • Assets, including money, housing, cars and other possessions are not automatically left to a partner without a will or trust to grant those assets to that person
  • Gifts between partners are not exempt from taxes like they are between married couples and could earn a heavy tax penalty or affect

Preparing for the Golden Years

Meeting with an elder law attorney can help an unmarried couple to be prepared as they enter retirement. Setting up critical legal documents like a will to transfer assets as well as a living will and power of attorney for each other can help to prevent circumstances where partners cannot make decisions for each other in an emergency or, should the worst happen, be left without any assets, including a home.

While proper legal planning is important for all elderly people, it is critical for those who are not married. Stano Law group are your elder law experts. Contact us today to help with estate planning, wills and power of attorney documents.