Cohabiting is becoming a lot more popular in recent years. So there might be a few queries about what to do with your estate planning. Estate Planning is not only about what happens to your assets when you die, it’s also about what will happen to you if you become incapacitated. Below are some tips that unmarried couples should take time to read.
- You must make sure your house avoids probate. Without legal documents, intestacy laws might control who receives your assets, meaning if you’re not married your partner might have no right to your assets. Some ways of avoiding this are:
- Transferring your assets/property to a living trust created by you or you and your partner. However bear in mind this is NOT a Will.
- Creating a joint tenancy means the property is owned by two or more people, so upon the death of one of the owners, their interest automatically passes over to the other(s).
- Having a Power of Attorney is incredibly important for ANYONE. By naming your partner as your Attorney you can ensure they make any financial/personal decisions on your behalf if you become incapacitated. This also means they would have the decision to take you off life support if the unfortunate event ever occurred.
- You need a beneficiary named under your Insurance policies, bank accounts etc. so when you die, the funds of your accounts will be moved to your partners accounts or retitled to their name. There are still potential disadvantages to this, like assets being subject to probate, but it is better to name a beneficiary rather than not. You must also bear in mind what your wishes in your Will are so there are no contradictions.
- It is important to remember about your online presence, do you still want your accounts to be accessible when you’re gone? It’s important to store your information for emails, social media, online banking, subscriptions etc. so when you’re gone your partner can delete any unwanted accounts. We have created an amazing book which is a huge help when it comes to issues like this. Passed On is available to buy as a hard copy on Amazon here, or to download as digital copy here after filling in a short survey. The book has had an excellent response and was extremely helpful personally after the loss of Managing Director, Tony Ashbolts, beloved Mother in 2018.
If you have any questions or are interested in planning your Estate, click Apply Today below to fill out a short survey so one of our expert advisors can get in contact.
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