Why Is It So Important For Unmarried Partners To Have An Estate Plan?

One of the most important elements to consider for any couple is financial preparation, and Orange County estate planning attorney can service you get started. Wills and trusts, for example, enable you to express your preferences and create plans for the future, including after you die.

Most rules and regulations are still constructed with married couples in mind, so it is especially crucial for unmarried couples to plan ahead for the future.

What happens to your estate after you die, for example, is determined by probate law. If you don't keep any estate planning documents in place, the law will decide who gets your property: your family or your partner.

Estate planning is necessary to ensure that your decisions are carried out.

Here are some of the most crucial things you can do ahead of time to ensure that your partner can participate in major life and death choices.

The Probate Code: An Overview

During probate, a person's will, trusts, and other documents are evaluated by the legal system. The idea is to pay off the estate's taxes and debts before transferring it to the heirs.

Family members are usually given priority over partners under laws governing a person's estate and end-of-life care. Your closest relatives, such as siblings, parents, or children, will inherit from you or be entrusted with making decisions for you, but your spouse will not be considered.

That implies, unless you make other arrangements, your family members will most likely be in charge of your affairs rather than your partner. Litigation can be exacerbated by ambiguity around these roles.

This is why unmarried couples should think about estate planning. Your partner will not be automatically placed in a position to make significant decisions concerning your health or estate based on the law. Instead, you'll need to file paperwork to ensure that your partner has a say in these matters.

An attorney can assist you understand and plan around the probate code and how it pertains to you.

Will-Writing

A will is most likely the first document that springs to mind when considering estate planning. While it isn't the only component of your estate, it is vital.

You can choose who inherits your property after you die in your will. Real estate, property, assets, and valuables are all included in this category.

You can also name an executor to take care of your affairs after you pass away, such as paying bills, canceling accounts, and so on.

In the event of your death, a will allows you to choose a possible guardian for your minor children. Otherwise, the court will select the best guardianship candidate. Even though they try their hardest to make good choices, they might not pick the same person you would.

Attorney-in-fact

If you become incapacitated, you can choose someone to act as your power of attorney, allowing them to make legal, financial, and even medical decisions on your behalf.

You can give this job to a partner and give them permission to assist you if you're unable to accomplish tasks on your own, such as paying payments. The scope of a power of attorney can be limited or it can include a wide range of crucial choices.

This avoids any financial or legal complications that could occur if one of you were to become incompetent. Your power of attorney will be allowed to pay for things like medical bills and nursing homes.

Choosing a Medical Proxy

If either of you becomes disabled, the law will most likely appoint your closest relatives to make medical decisions for you. You can, however, prepare for this eventuality ahead of time.

You can name a healthcare proxy ahead of time, and this person will be empowered to make healthcare choices on your behalf. Depending on your needs, you can make this classification permanent or temporary.

You can add an advance directive with your healthcare proxy, which specifies your wishes in certain situations. You can desire whether or not to be resuscitated or to stay on life support, for example.

This paperwork can be filed if you want your spouse to have a say in your medical care or vice versa.

Ownership by a group

There's no guarantee that the other person in your partnership will inherit the property if one of you owns it and you both live on it. When selecting who inherits the property, probate courts frequently favor family members.

Joint ownership is a great approach to ensure that you and your partner have equal rights to the property. It's critical to agree on equal house ownership. Joint ownership is not possible if one person owns 70% of the business and the other owns 30%.

When one of the lessors dies, the other becomes the sole owner of the property. The right of survivorship is what this is termed.

Instead of the property passing to the probate court, one person can continue to reside there even if the other passes away.

Putting Your Trust in Someone

Trusts aren't exclusively for the ultra-affluent. They can be beneficial in a variety of situations, particularly for unmarried partners. You can appoint someone to manage your affairs after you establish a trust.

A revocable trust, rather than an irreversible one, would be a better option for this. You'll be able to adjust the trust at any time if you do it this way. Both beneficiaries and assets will be able to be added or removed. As a trustee, you can appoint your partner.

Your partner will be capable to access the trust's assets if you become disabled or pass away. By allowing you to name inheritors and the terms of their inheritance, revocable trusts can work similarly to a will.

Unmarried couples are not afforded the same safeguards as married couples. Filling in the gaps and ensuring that your property is passed on to your spouse, as well as other crucial issues, can be accomplished through estate planning.

A probate lawyer in Orange County is well-versed in the local legal system and how to apply it to your unique situation. Contact Parker Law Offices right away for a free consultation.

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