Adults who chose to live together without getting married are often treated just as if they are a married couple by their friends and family. Unfortunately, if one of them dies or becomes seriously ill, they are not legally entitled to the same rights as married couples. If you are an unmarried couple living with your partner and have no plans to marry, working with an experienced estate planning attorney can help you plan for the future and protect the rights of both you and your partner in the event the unexpected happens.
WATCH: Estate Planning Attorney Mario Godoy Shares 3 Must-Do Estate Planning Steps For Unmarried Couples
Transcript
In this video, we are going to discuss 3 estate planning tips for unmarried couples.
According to the Census Bureau, by 2019 the number of unmarried partners who live together in the United States nearly tripled over the past two decades from 6 million to 17 million.
Unmarried couples are often treated just as if they are a married couple by their friends and family. Unfortunately, if one of them dies or becomes seriously ill, they are not legally entitled to the same rights as married couples.
In Illinois, if you die without a will your estate and all decisions about your estate will go to your closest relatives – not your unmarried partner.
Here are 3 steps that unmarried couples – whether they are same-sex or opposite-sex – can take to legally protect their partner in the case they become seriously ill or if they die.
A legally executed will or trust lets you decide who will inherit your assets after your death, and make life easier for your partner after you die.
2. Create a Healthcare Power of Attorney
If you become incapacitated, who do you trust to make your health care decisions? If you and your partner are not legally married, they may not be allowed to make medical decisions on your behalf.
3. Identify Your Partner as the Beneficiary on Retirement Accounts
Your beneficiaries are the people you have named to receive your assets, such as retirement accounts, bank accounts, life insurance policies, wills, trusts and other accounts.
If you are an unmarried couple living with your partner with no plans to marry, working with an experienced estate planning attorney can help you plan for the future and protect the rights and future of your partner in the event something unexpected happens to you.
Please call us to schedule a consultation.
Dupage County Estate Planning Attorney
Estate planning is important to ensure that unmarried couples protect their partner in the event they are incapacitated or die. If you have questions about estate planning for cohabitating, contacting a knowledgeable attorney may be a good next step. An estate planning lawyer can help you understand your rights and the best options to protect your family. Contact Estate & Probate Legal Group in Illinois today at 630-864-5835.
