Why unmarried partners need to have estate plans

On Behalf of | Jul 21, 2024 | Estate Planning |

If you are in a committed relationship with a partner but have no plans to marry, you’ll need to take some important estate planning steps if you want to ensure that they’re able to inherit any of the assets that the two of you don’t jointly own. They’ll need to do the same for you.

It’s certainly wise for anyone to have an estate plan, even if it’s simply a will. However, that’s especially important for anyone who isn’t married and wants their assets to go to people or organizations outside their family. If someone dies without a will (“intestate”), their assets are divided among family members according to Georgia law, regardless of how close they may have been to the deceased.

Granting powers of attorney for health care and finances

Aside from leaving your partner assets in your will as well as potentially in trusts, you likely want them to have the right to a say in your medical decisions if you become seriously ill or injured and unable to speak for yourself. If you want your partner to have that responsibility, you’ll need to name them as your health care agent and give them durable power of attorney (POA) over your health care.

It’s also important to have a living will (also known as an advance health care directive). In that, you can designate your wishes for what kind of measures you want taken to prolong your life and under what circumstances you want those measures to end. 

Your health care agent and your medical team have a responsibility to abide by your wishes as much as possible. By designating your partner to have the responsibility of being the final decision-maker, you can help prevent family members who may have other ideas from interfering.

If you want your partner to be able to manage your finances and make transactions as needed if you’re incapacitated, you can also give them a durable POA over your finances. Even if most of your accounts and other assets are jointly owned, there may be assets that are only in your name. This POA would allow your partner to sell, transfer or carry out other transactions if necessary.

These are just a few examples of estate planning steps that can help unmarried couples in long-term relationships codify inheritances and responsibilities they can’t take for granted the same way that married couples can. With sound estate planning guidance, you can review other options that are best for your unique needs.