It is just as important for unmarried couples, gay or otherwise, to get all of their documentation together and store it in a safe place, as it is for married couples. In fact, it might even be MORE important, as the laws are drawn up based on legal marriage.
Unmarried couples do not have the same automatic rights as does a surviving legal spouse.
Your partner will not automatically be given your employee benefits. Your surviving partner might not legally deserve your life insurance, or even be allowed to remain in your home.
It is of absolutely vital importance that both partners put in writing all of their assets, policies, passwords, and wishes, and that these be filed with a lawyer or trusted party; otherwise, one of you may find yourself out on the streets with not even your own half of the assets in your pocket.
If either or both of you have children from a previous relationship, it’s best not to combine your assets. Make sure your own children get their share of their inheritance, and make sure your partner does the same for his/her children.
An exception might be your house; if both of you legally own half, it can’t be taken from you.
“Premarital agreement” makes us think of Hollywood millionaires, but the truth is, anyone can benefit from a premarital agreement. Frankly, I might wonder about the motives of a person who objected!
Be sure your partner is your insurance beneficiary! Make sure you’ve got it in writing!
Hire an estate planner/executor who will represent both partners. That way, the wishes of both partners will be well-known by one person, and that person can function as a facilitator more easily that a stranger might.
Again: get it all down in writing, legally, and file it in a safe place, with people you trust.
Domestic partners love each other, too. Don’t leave your partner out in the cold. BOTH of you: make plans.
This entry was posted
on Monday, June 25th, 2007 at 12:05 am
and is filed under Advice.
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