Unmarried Couples: Providing for Your Partner After Death

Many unmarried couples are not aware of how the intestacy scheme leaves unmarried partners with nothing. Producersweb.com lists some instruments that an unmarried partner should take advantage of to ensure that his/her significant other will be provided for.

• Will – Each partner should make a will to expressly provide for his/her partner because intestacy laws will result in his/her property going to blood relatives.
• Irrevocable Trust – Each partner should set up a separate living trust for his/her separate property to avoid probate.
• Durable Powers of Attorney –This instrument gives a partner power to spend an incapacitated partner’s money and to sign documents in his/her name.
• Health Care Power of Attorney – This power allows a significant other to make medical decisions for an incapacitated partner.

See James R. Veal, Unmarried Couples Have to Start Thinking Like Married Couples, Producersweb.com, Sept. 22, 2011.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this article to my attention.