Estate Planning in Raleigh NC While Cohabiting With Children
Welcome back. In our previous post, we began talking about cohabiting couples and how their situation could affect their future, should a sound estate plan not be in place in the event of one partner’s death. As we mentioned last post, According to The National Survey of Family Growth, “Significantly more couples are having children and delaying or avoiding marriage. Approximately 5% of women who become pregnant marry the baby’s father, while about 18% of women who become pregnant elect to avoid marriage and instead move-in with the baby’s father.”
Today, we will continue to discuss a few more challenges cohabiting couples have, when it comes to healthcare and estate planning in Raleigh NC matters.
Health Care and Finances. Though many don’t even consider the possibility, there is always a chance that one partner could unexpectedly become incapacitated and the other one might not be able to make serious health care decisions on their behalf. Considering cohabiting couples aren’t married, financial decisions aren’t able to be shared either.
With that being said, however, it is possible to meet with an estate planning lawyer about putting a power of attorney in place. In addition, a durable power of attorney can allow an unmarried partner the essential power to make decisions, should an unexpected physical or mental disability of the other partner occur.
A durable power of attorney is more detailed than a typical power of attorney. It specifically grants one partner the ability to continue making decisions should the other partner become incapacitated.
A medical power of attorney allows one partner to make decisions regarding medical treatment for the other. If the partners have precise guidelines about funeral arrangements, these can be put in writing as well.
Even more, a written will or trust can allow partners to state the dispersal of their belongings. In certain instances, life insurance benefits, IRAs, and other accounts may be payable to trusts. Cohabiting couples may also name their preferred trustee or executor.
Once the powers of attorney are granted, the unmarried couple sharing a home and/or children will have the ability to make any and all medical or financial decisions in the event of incapacitation.
While an untimely death or medical situation is never planned, these things can happen. It’s important make sure you’re in charge of all decisions, financially and medically. Don’t make the mistake of leaving it up to a judge to decide. It’s important to protect your assets, children, and loved ones. Contact our estate planning lawyers for help creating your estate plan.
For more information on estate planning in Raleigh NC for cohabiting couples, visit back with our lawyer in Raleigh.
For help with estate planning, contact our lawyer in Raleigh NC, today.
