Estate planning for unmarried couples McKinney

Estate Arrangement for Unwed Partners in McKinney, Texas

Estate arrangement is a significant procedure that ensures your possessions and property are allocated as per your desires following your passing. For unmarried partners, estate arrangement is exceptionally crucial, as the regulations that control inheritance and property allocation might not work in your favor if you are not legally wedded. In this write-up, we will converse about estate arrangement for unwed partners in McKinney, Texas.

The Essentials of Estate Arrangement

Estate arrangement comprises of creating legal documents such as wills, trusts, and powers of attorney. These documents describe how your possessions and property will be distributed and who will make determinations on your behalf in case of incapacity. Without estate arrangement, your possessions might be allocated as per the laws of intestacy, which might not align with your wishes.

Estate arrangement can also help diminish the tax burden on your estate and protect your possessions from creditors or legal claims.

Estate Arrangement for Unwed Partners

Unmarried partners do not have the same legal protections as married partners when it comes to estate arrangement. For example, Texas law does not accept common law marriage. Therefore, if you and your partner are not legally wedded, you might need to take additional steps to ensure your possessions are distributed as per your wishes.

Here are some estate arrangement considerations for unwed partners in McKinney:

Create a Testament
A testament is a legal document that outlines how you want your possessions to be distributed after your death. If you do not have a testament, your possessions might be distributed as per Texas law, which might not align with your wishes.

In a testament, you can appoint your partner as a beneficiary and specify how you want your possessions to be allocated. You can also name an executor who will be accountable for managing your estate after your death.

Create a Trust
A trust is a legal arrangement where a trustee manages possessions on behalf of a beneficiary. Creating a trust can help ensure that your possessions are distributed as per your wishes and can also provide tax benefits.

You can create a trust and appoint your partner as the beneficiary. This will allow your partner to receive the possessions without having to go through probate court.

Name Your Partner as a Beneficiary
You can appoint your partner as a beneficiary on financial accounts and life insurance policies. This will ensure that your partner receives the possessions directly without having to go through probate court.

Create a Power of Attorney
A power of attorney is a legal document that allows someone to make determinations on your behalf in case of incapacity. If you become incapacitated, your partner may not have the legal authority to make determinations on your behalf unless you have a power of attorney in place.

Creating a power of attorney can ensure that your partner has the legal authority to make determinations on your behalf in case of incapacity.

Conclusion

Estate arrangement is a significant procedure for unwed partners in McKinney, Texas. By creating legal documents such as testaments, trusts, and powers of attorney, you can ensure that your possessions are distributed as per your desires, and your partner is protected. If you need assistance with estate arrangement, contact Janelle Cremé, an experienced estate arrangement attorney in McKinney.