Estate Planning When You Are Unmarried
Unmarried individuals are often faced with different goals and issues than those for married couples. Some of the common goals and issues that arise in estate planning for unmarried individuals include:
Planning for Children – It is not uncommon for an unmarried individual to have children from a prior relationship. This makes it vital to ensure the parent has the proper documents in place to address guardianship and child custody arrangements in the event of their death or inability to care for their children. It is also important to address how their assets will be distributed to their children upon their death and who will be responsible for managing those assets. This is especially important when concerned about protecting access to those assets from an ex-spouse that may be serving as a minor child’s guardian.
Avoiding Guardianship– Unmarried individuals should have documents in place to address planning for lifetime incapacity. Having a power of attorney for health care and durable power of attorney for finances can avoid the need for others to go to court in order to be named guardian in order to make health care decisions or manage finances. If there is no spouse to assist with incapacity issues, it makes addressing them in advance even more important to ensure a trusted person handles those decisions.
Choosing a Fiduciary – Often, married couples name their spouse as their first choice for a fiduciary position (e.g., agents under their powers of attorney, personal representatives, or trustees). It is even more important for unmarried individuals to ensure they have trustworthy people in place to handle their affairs. That may be a partner, child, or other relative, but in many cases, it may be appropriate for them to consider independent fiduciaries (e.g., bank or trust company) to ensure their plan is carried out after their death.
Long-Term Care Issues – Planning for long-term care issues is often a greater concern for unmarried individuals because unlike married couples, they may not have a spouse who is able to care for them and provide for their needs, which increases the likelihood of needing long-term care services. Obtaining long-term care insurance or planning for medical assistance for care is often a greater concern with unmarried individuals.
Estate planning is just as important for unmarried individuals as it is for married couples, and everyone should have an estate plan customized to fit their needs. Please contact our office today to schedule a consultation to see how we can assist with your estate planning needs.
Notice To Current Clients
As of January 1, 2024, we changed our billing system. Please review any invoice you receive from us for accuracy during this time of transition and contact us if you notice any discrepancies. Thank you for your patience and understanding.