Protecting Your Future Together
We hear stories like this all the time—an unmarried couple building a life together for years, sharing a home and deep commitment, only to face unexpected challenges when one partner experiences a health crisis. Without the right estate planning documents in place, the other partner can be excluded from critical healthcare decisions simply because they aren’t legally recognized as next of kin. It’s a heartbreaking situation that happens far too often.
If you haven’t given much thought to estate planning, you’re not alone. Estate planning can feel like something meant for retirees or those with significant assets, but it’s important for everyone, regardless of age or wealth. For unmarried couples, creating a solid plan is essential to protect your partner and preserve the life you’ve built together. Let’s break it all down so you can understand exactly what steps to take.
What Happens If You Don’t Plan?
Unfortunately, the law doesn’t automatically account for unmarried couples, regardless of how long you’ve been together or how deeply your lives are intertwined. Without the right structure, here’s what could happen:
- No inheritance rights: Without a Will, your shared assets may go through probate court and typically end up with your closest legal relatives, not your partner.
- No say in medical care: If one of you becomes incapacitated, the other may have no legal authority to make crucial medical treatment decisions on your behalf.
- Disputes over shared assets: Jointly owned homes, belongings, or finances could end up tied in legal battles.
These gaps leave both partners unprotected and can lead to unintended consequences during life’s most difficult moments. In Texas, the state law doesn’t offer additional protections for unmarried couples, so the risk of losing control over your shared estate or financial affairs increases.
Do We Really Need a Will?
Yes, you do. A Will is the foundation of any estate plan, especially for unmarried couples. It explicitly states who inherits your assets, ensuring your partner isn’t excluded. You can specify everything from who gets the house to who should care for minor children.
Without a Will in place, the deceased person’s estate may be distributed according to state intestacy laws, which favor biological relatives over romantic partners. Your intentions won’t matter if they’re not on paper.
Should We Name Each Other as Beneficiaries?
Absolutely. Naming your partner as a beneficiary on your retirement accounts, life insurance policies, and other financial accounts ensures they receive those assets directly. It’s one of the simplest ways to provide financial security for your partner and avoid probate.
Be sure to update these designations if your relationship changes; outdated information could result in assets going to an ex or relative instead of your intended recipient.
How Can We Protect Shared Finances?
Opening joint accounts and properly structuring co-owned assets is critical for unmarried couples. For example:
- Joint checking/savings accounts: Ensure both names are on the account so the surviving spouse or partner retains access to essential funds.
- Durable power of attorney for finances: This document allows your partner to manage your financial matters if you become incapacitated.
These steps not only help preserve financial stability but also allow transparency regarding financial affairs.
What Happens to Our Home If Something Happens to One of Us?
If you own property together in Texas, how the ownership is structured is crucial. In Texas, property is typically held as tenants in common, meaning each co-owner has a distinct share that can be passed on through a Will or other estate planning. Without proper planning, this can lead to unintended consequences. It’s important to speak with a professional to ensure your ownership structure aligns with your wishes and to clearly outline in your Will who should inherit the property in the event of either or both partners’ passing.
Can We Write a Plan That Covers Each Other’s Entire Estate?
Yes, you can (and should). A comprehensive estate plan can give both partners complete peace of mind. Here’s what to include:
- Wills to ensure your partner inherits your assets.
- Powers of attorney for medical decisions and financial power of attorney to manage each other’s financial affairs.
- Trusts to streamline inheritance and minimize legal hurdles.
- Beneficiary designations on key accounts, such as life insurance, financial accounts, and retirement accounts.
Each document plays a crucial role in ensuring every aspect of your estate is addressed, particularly in states like Texas where the law may default to favoring relatives.
Who Makes Medical Decisions for Us?
This is a big one. Without specific legal documents, unmarried partners aren’t typically allowed to make health care decisions for each other. That’s where an advance healthcare directive or medical power of attorney comes in.
With these in place, you can appoint your partner to make medical treatment or other critical healthcare decisions if you’re unable to. It’s a straightforward yet vital step that can save a lot of emotional and legal turmoil during difficult times.
What About Our Digital Assets?
Have you thought about what happens to your digital life—photos, social media accounts, or email—if something happens to you? Estate planning for digital assets ensures these accounts are accessible and managed according to your wishes.
Unmarried couples often share online subscriptions, passwords, and personal files. Outline what should happen to them and grant access to your partner through a digital inventory or password manager.
Is Estate Planning Expensive?
It doesn’t have to be. While DIY Wills and templates exist, they can be risky, particularly in cases involving unmarried couples. Working with an estate planning attorney ensures no detail is overlooked. Think of it as an investment in each other’s future. Some costs, like notarizing documents or setting up a trust, may apply, but the protection and clarity you gain are worth it.
Take the Next Step with Burch Law
Estate planning for unmarried couples isn’t just a “nice-to-have;” it’s essential to secure your future and protect the life you share. Whether you’re just starting or need to update an existing plan, Burch Law is here to help simplify the process and create a plan tailored to your unique needs.
Get in touch with Burch Law today, and take the first step toward peace of mind. Protect what matters most—you and your partner deserve it.
