Many couples choose not to marry, but they remain lifelong, committed partners. While they may not feel the need to codify their relationship with a marriage certificate, they nonetheless need to take some legal steps to protect and provide for each other if one becomes incapacitated or predeceases the other.
It’s advisable for everyone to have an estate plan – at least a will. However, if a married person doesn’t have a will and dies “intestate,” the law requires that their spouse inherit at least some of their assets.
If a person without a will leaves an unmarried partner behind, they aren’t provided for under Georgia’s intestate laws. Further, if they become seriously ill or injured, their partner has no legal right to manage their finances or their health care unless they’ve been given that authority with the right documents.
Each couple’s situation is unique, but these are things that most unmarried partners should have in place.
A will
This is the backbone of any estate plan. Even if you set up a revocable living trust, you’ll need a will. As noted, this is also what prevents you from dying intestate.
Living will and durable POA for health care
In Georgia, a living will (advance directive) lets you codify your wishes for things like under what conditions you want life support ended. This is used only if someone can’t assert their own wishes.
To give your partner the right to advocate for what’s in your living will and make other decisions as needed, they’ll need power of attorney (POA) over your health care and to be designated as your health care agent.
Durable POA for finances
Even if you and your partner jointly own most assets, it’s still wise to give them POA so that they can make transactions as needed if you become incapacitated. You can make this as broad or narrow as you choose.
Other steps you can take
You can do things outside your estate plan to help assets transfer directly to your partner if you predecease them. For example, you can make them the designated beneficiary on investment and retirement accounts. If you have bank accounts and property with a title that you don’t co-own, you can make them payable-on-death (POD) or transfer-on-death (TOD) to your partner.
Taking these steps can not only help you protect and look after one another, but they can help prevent disputes between your relatives and your partner. Having sound estate planning guidance can help you take the appropriate steps for your needs.
