notbedidea3: Why Unmarried Couples Need to Put An Estate Plan in Place

Friday, September 7, 2012

Why Unmarried Couples Need to Put An Estate Plan in Place | St ...

If you die without putting an estate plan in place, your assets will be distributed in accordance with the default estate plan set up for you by the state in which you live.? If you are married, that default estate plan usually includes your spouse in some way.? That default estate plan does not include your significant other in a committed relationship that is not a legal marriage recognized by the state in which you live.

Also, if you have an accident and end up unconscious in the hospital and unable to communicate your wishes regarding your health care needs, if you have not designated a healthcare surrogate (spokesperson), the law in your state will designate a default healthcare surrogate for you.? Often, that default surrogate is your spouse.? The default surrogate will not be your significant other in a committed relationship that is not a legal marriage recognized by the state in which you live.

Everyone should consider putting an estate plan in place.? However, with the reality being that not everyone is proactive enough to get this done, the state steps in and puts the default safety net estate plan in place.? If you are married, the default may help take care of your spouse despite your failure to plan.? Significant others in relationships that are not marriage do not have this safety net.? Without affirmative actions on your part, your significant other may be left with none of your assets and left with no say in your medical care.

Therefore, unmarried couples in committed relationships have an even more compelling need to plan ahead and formalize their wishes for each other in an estate plan.? A failure to plan on your part could result in your significant other dealing with the heartache of emotional loss as well as the devastation of unexpected financial loss.