When you are in a long-term relationship with someone (and not married), state law does not protect your relationship regarding estate planning. You therefore have to create those protections and benefits yourself. For example, with no estate plan, a surviving spouse automatically inherits from the other, while an unmarried partner has no legal right to their deceased partner’s property. Unmarried partners need to proactively address their situation and create an estate plan.
Estate Planning is Your Legal Instruction Book
If someone asked you, you would likely state that you want your partner to have the house after you pass away, or that you want your partner to be able to make health care decisions for you if you need. However, without expressing those desires in legal form, they will not and cannot happen. You need to express your desires in estate planning documents so that others know how to act once you are no longer able to act for yourself.
Your Estate Plan Avoids the State Default Plan
Everyone actually already has an estate plan. Each state has passed laws that determine where their assets go. Think of this as a default plan. Creating your own estate plan trumps this default plan, which is a good thing, as a state’s default plan most likely does not line up with your desires. In fact, if you are in an unmarried long-term relationship, a state’s default plan will not match up with your desires. In Colorado, an unmarried partner has no legal right to any of your property, only family members by blood and marriage. If you are in an unmarried relationship and you do not have an estate plan, you are effectively disinheriting your partner.
Protect Your Partner
If you want your unmarried partner to inherit your assets, you need to sit down with an estate planning attorney to talk about your situation, goals, vision, and concerns. An attorney can help you identify issues in your life and plan accordingly. An attorney will guide you through the decisions regarding passing on your assets, financial and medical decision-makers in the event of your incapacity, guardians for children, minimizing taxes, and all the ways in which you can provide for yourself and your loved ones after you are no longer there to provide for them yourself. Contact The Rains Law Firm or schedule a complimentary initial meeting to go over your options.