You may assume that establishing an estate plan is primarily important if you are one part of a married couple. But it is arguably the opposite. Actually, it may be more imperative to do so if you have a lifelong partner with whom you have never entered a legally binding marriage. Read on to discover how to handle your estate plan as an unmarried partner and how a seasoned Putnam County estate planning attorney at the Law Office of Andres D. Gil, PLLC can help you better understand how to approach it.
As an unmarried partner, why is it important to establish an estate plan?
Say, for instance, that you sadly pass away without giving yourself enough time to establish a valid and enforceable estate plan. Further, say that you are married and are survived by your spouse. Well, given New York State’s intestacy laws, your surviving spouse may inherit all the assets making up your estate. Or, if you also have surviving descendants, your spouse may inherit the first $50,000 of your estate plus half the balance and then your descendants may inherit everything else.
However, if you never married your lifelong partner, they may not even receive the slightest portion of your estate. This is because New York State’s intestate succession does not incorporate unmarried partners at all. Rather, your estate may sooner be distributed to your estranged, distant relatives (i.e., grandparents, aunts, uncles, cousins, etc). The state may even escheat your assets before giving them to your unmarried partner.
As an unmarried partner, how do I go about establishing my estate plan?
Generally speaking, you must explicitly name your unmarried partner in your estate planning documents to ensure their inclusion when it comes time for its distribution. More specifically, you may go about establishing your estate plan with your unmarried partner in mind in the following ways:
- In your Last Will and Testament: you may name your unmarried partner as a beneficiary of your estate. What’s more, you may name them as the legal guardian of your minor children.
- In your revocable or irrevocable trust: you may name your unmarried partner as a beneficiary of your trust. What’s more, you may name them as the trustee for your children’s trusts.
- In your advance healthcare directive: you may name your unmarried partner as an agent to make healthcare decisions on your behalf.
- In your durable power of attorney: you may name your unmarried partner as an agent to make financial decisions on your behalf.
- In your retirement accounts: you may name your unmarried partner as a beneficiary of your funds.
In conclusion, if you require immediate legal representation, look no further than a competent Putnam County estate planning attorney. Someone at the Law Office of Andres D. Gil, PLLC will be happy to serve you.