Marriage is not for everyone. Some couples choose to remain life-partners, rather than tying the knot. That being said, there are some benefits that are automatically available to married couples. Some of these benefits include hospital visits, collecting each other’s inheritance, social security benefits, joint taxes, and more. Despite your marital status, you and your partner may be able to obtain some of these benefits by creating a comprehensive estate plan together. Read on to learn more about estate planning for unmarried couples in New York.
What is an “Attorney-in-Fact?”
One of the most important things you can do is create a Durable Power of Attorney. Durable Powers of Attorney are incredibly useful tools for unmarried couples. By creating a Durable Power of Attorney, you can give your partner certain rights to make important life decisions on your behalf if you were to become incapacitated. With this responsibility, your partner can make decisions regarding end-of-life medical treatment and other important medical decisions. Your partner may also be able to handle your finances in the event that you are unable.
What is the Purpose of a Letter of Instruction?
A letter of instruction is a great way for unmarried couples to document their wishes to be carried out upon their passing. In these letters, individuals can leave detailed instructions and inform their partners of various odds-and-ends, such as where certain assets are located or hidden, passwords or passcodes to safes or online accounts, potential bills that need to be addressed, and more. In order to make sure nothing is left out, contact an experienced estate planning attorney.
What is a Digital Estate Plan?
Technology is constantly evolving. It is a major part of our lives. Many people do not realize it, but you will have to plan for your digital assets as well. You most likely have iPads, computers, online accounts containing personal or sensitive information, or even intellectual property stored electronically. To ensure the entirety of your estate is accounted for before your passing, you must establish a digital estate plan as well.
If you are an unmarried couple looking to create an estate plan, contact our firm today. We want to ensure that you have a secure future, regardless of your marital status. Reach out to speak with an experienced and knowledgeable estate planning attorney.
Contact our Firm
If you or a loved one needs assistance creating an estate plan and wish to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.