Future.

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:

1. Write a Will

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.

2. Consider Joint Ownership

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.

3. Designate the Power of Attorney

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.

4. Write a Cohabitation Agreement

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.

Start Planning Today!

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.