Estate Planning Essentials for Unmarried Couples

As marriage norms continue to evolve, more couples are choosing long-term committed relationships without formally tying the knot. However, many unmarried partners are surprised to learn that without proper estate planning, they may not automatically inherit assets or have decision‑making authority in times of need.

With that in mind, here’s an overview of several important estate planning considerations for unmarried couples.

Establish a Last Will and Testament

Without a will, state laws—known as intestacy laws—will determine how your assets are distributed. In many cases, this means an unmarried partner may receive nothing. Creating a will allows you to name your partner as a beneficiary and appoint an executor to administer your estate according to your wishes.

Update Beneficiary Designations

Assets such as retirement accounts, life insurance policies, and certain financial accounts pass according to their beneficiary designations, regardless of what a will says. To ensure your partner is protected, it’s essential to review and update these designations regularly.

Consider a Trust for Additional Protection

For added security, a trust can help ensure that your partner receives assets without unnecessary delays or potential legal challenges. Trusts also avoid probate, offering a more private and streamlined transfer of assets.

Proper planning can help unmarried couples safeguard their wishes and protect one another during life’s most challenging moments. If you have questions or would like help tailoring a plan to your situation, I’m here to help.