One of the most important benefits of careful financial and legal planning is the protection this offers to loved ones. Estate planning allows one to provide for a spouse, ensure loved ones secure assets after passing and much more. This process is critical for all Maryland adults, including those who are not married to their partners. An estate plan is useful regardless of marital status, income and the size of the estate.
What do unmarried partners need?
The specific protections that unmarried partners may need depend on their individual circumstances. Someone who is in a long-term domestic relationship with someone to whom they are not married may benefit from the following estate planning tools:
- Will – This document allows one to outline exactly what he or she wants to happen to personal property after passing.
- Living trust – This is a tool that allows one to set aside and protect assets for a specific reason, such as the care of a minor child, charitable giving and more.
- Financial and medical power of attorney – These documents name a specific person to act on behalf of someone who is incapacitated for a specific reason, such as illness or injury.
When partners are unmarried, they may benefit from being especially careful about ensuring their wishes are clear and enforceable in case of death or incapacitation.
Plan smart, plan now
There is no time to lose in creating an estate plan. Delaying the estate planning process can lead to complications and setbacks in case of an unexpected situation. Unmarried partners will benefit from working with a Maryland attorney who can help them create meaningful plans that will provide protection for years to come.