In this article, we’ll look at why adding your partner to your will and estate plan is the ultimate act of love.
Providing Care and Protection
While a will, trust, and other estate planning documents are valuable, if they aren’t properly counseled, regularly updated, and combined with additional planning tools such as an Ever After Plan, if you have minor children, and an Asset Inventory plus Legacy Interviews to capture your tangible and non-tangible assets, your loved ones could be left with an expensive mess.
If you’re married, your spouse already has some rights in the event of your incapacity or death, but that doesn’t mean they have automatic access to your accounts, or even to make your health care decisions for you the way you would want. If you’re not married, your unmarried partner or partners would have no rights to anything in the event of your death or incapacity.
Avoiding Legal Complications
Without a well-counseled, prepared, and updated estate plan, your partner might find themselves entangled in legal complications when it comes to inheriting assets if something happens to you. In fact, if you and your partner aren’t married, they won’t inherit anything at all!
That’s because the law that controls what happens to your assets if you die without a plan is written with married couples in mind. That means that anyone you love who isn’t married to you or directly related to you through blood will be left with nothing when you die or if you become incapacitated, unless you plan in advance.
By including your partner in your will and overall estate plan, you get to ensure they’ll receive what you would want them to in the event of your loss and spare them the stress of navigating legal intricacies during an already emotionally trying time.
Protecting The Life You Built Together
Whether it’s the charming house you turned into a home or the vintage car you spent countless road trips in, shared assets are more than just possessions – they’re a part of your shared history. Including your partner in your estate plan ensures that these shared treasures are passed on smoothly, preserving the memories you built together.
If you have children with your partner, estate planning takes on an even greater significance. If your partner isn’t biologically related to your children and hasn’t legally adopted them, there’s no legal guarantee that your partner would be able to care for your children or even visit them if something happens to you.
Creating an Ever After Plan in your estate plan is an act of profound love and responsibility. By ensuring your partner has legal authority in matters of your children’s well-being, you’re displaying a commitment to everyone’s future happiness and security.
Helping You Show The One You Love Just How Much You Care
If you want to show your partner just how much you love them, contact us today to get started.
AB Law, PLLC is a full-service business law and estate planning firm that serves clients throughout Texas. All consultations are free and no question is too silly, ridiculous, or complex. https://calendly.com/ablawpllc www.ab-firm.com