While cohabitation has its own set of joys and challenges, it does not have the same legal protections as marriage. As such, cohabiting couples need to make extra arrangements to protect their assets in case of incapacitation or death. Below are some essential estate planning tips tailored for unmarried couples:
A will is arguably the most important element of estate planning. It typically allows you to specify who gets to inherit your property. Without a will, your state’s intestacy laws may decide for you and most likely won’t give anything to your fiancé. Having a will is especially crucial if you have children with your partner.
Owning property like houses, cars, bank accounts, and businesses jointly is a great way to ensure financial security for both partners in case of a breakup or one partner dies. Ideally, the ownership agreement should have “rights of survivorship,” which means the share of the deceased partner automatically transfers to the surviving partner. This helps prevent drawn-out and expensive estate litigation in case of death.
The second most important document in estate planning after a will is a durable power attorney. This document essentially grants your partner the authority to make decisions on your behalf if you ever become incapacitated. It covers medical decisions, investment decisions, access to bank accounts, and even filing taxes.
While it cannot substitute other estate planning documents, a cohabitation agreement helps to protect both your interests in case of a breakup. It is typically the unmarried couples’ version of a marriage agreement and outlines the rights and responsibilities of each partner in regard to finances and property ownership. Most importantly, a cohabitation agreement can address how debt and other liabilities incurred by each partner will be handled in case of a breakup.
Estate planning is a crucial step for unmarried couples looking to secure their financial security and interests. At O’Brien Law Firm in Southaven, MS, our attorneys are ready to help you throughout the process and ensure that both you and your partner are protected, even in unforeseen circumstances. Schedule a consultation with one of our lawyers today and get started with your estate planning journey.
Nobody ever dreams of going bankrupt, but during hard times, filing for bankruptcy can provide a much-needed fresh start. But what if you’ve already filed for bankruptcy before? Can you do it again?
As it is, the law doesn’t prevent anyone from filing for bankruptcy multiple times. However, the Federal Bankruptcy Code does put in place safeguards to prevent and discourage frivolous filings. Essentially, you can file for bankruptcy as many times as you want, but you have to wait for the stipulated amount of time before subsequent filings.
The Bankruptcy Code provides debtors with different options for bankruptcy filings, with each option having its own limitations. Here’s a general breakdown of the available options:
Like any law, the Bankruptcy Code allows for some exceptions and considerations where the waiting period between bankruptcy filings can be reduced or waived altogether. For instance, if you experience an unforeseen financial hardship after your last filing, a judge may allow for repeat filings sooner than stipulated.
Don’t navigate the complexities of repeat bankruptcy filings on your own. Contact O’Brien Law Firm in Southaven, MS, today and let us help you explore your options and kickstart your journey to a debt-free future.
