There are many laws made for married couples to make an end-of-life decision in case of the sudden death of their spouse. But there are no such laws made for partners that live together but are not married. In such cases, you will not even make medical decisions if your partner is incapacitated.
However, you can get a little documentation done to avoid those issues. It is advised that you take legal help from a reliable estate planning lawyer. The lawyer will help you from the beginning to make an effective estate plan for a secure future.
This blog is going to help you learn more here about these documents.
Making a will
Making a will is going to help you the most in naming the guardian for your children after you. If you do not mention a guardian for your kid, your partner will not be able to take care of your kid. You can also mention a representative in the will for your trust, distributing your possessions, and more.
Joint tenancy is the easiest way to ensure that your partner owns 100% of your estate after your death. If one tenant passes off, the whole property is owned by the other tenant. For this, you have to put both of your names in the asset’s official documents.
A durable power of attorney
Having a powerful attorney for financial and medical reasons is very important. It will help your partner have quick access to your assets and let them make all the medical decisions for you when you are unable to do so.
Designate them as beneficiary
Even after writing a will, your partner may not have access to your bank accounts, investments, retirement accounts, and insurances. In order for them to have full ownership of these, you can fill out the beneficiary designation form so that they will have all your accounts after you.
You can save the headaches of tax and probate for your partner by simply making trust and letting all your assets flow in your trust after you. In this case, you can also name more than one person to run the trust as a co-trustee.
Not having your partner’s assets in a time of need after their demise can be frustrating. But with just a few documents, you can save yourself a very lengthy, unnecessary process. For additional details, get in touch with an estate planning lawyer.