Planning for the future is an important step for couples of all ages and income levels, and it is also a critical step for couples regardless of marital status. Unmarried couples will benefit from estate planning as this provides them with certain protections that allow them to face the future with confidence. By drafting certain documents, these Florida couples will have more control over financial and legal matters in case of death or incapacitation.
Specific estate planning needs
The specific estate planning needs an unmarried couple may have depend on specific factors such as the income of both partners, children from previous marriages and more. Some of the most important estate planning documents for unmarried couples include:
- A will is important as it allows an adult to have the final say in what happens to his or her property after passing.
- A financial and medical power of attorney allows one to designate a specific person to make important medical and financial decisions on his or her behalf in case of incapacitation.
- A trust is a way to set aside and protect assets for a specific use, such as charitable giving.
An unmarried couple will benefit from a careful look at their long-term objectives to identify their estate planning needs.
Where should couples start?
A Florida couple will benefit from considering their estate planning needs, regardless of marital status. Unmarried couples still need certain legal and financial protections to ensure they have the final say over certain matters in case of their passing or incapacitation. Discussing concerns with an attorney can help a couple see how they can create a plan that will allow them to look to the future with confidence.