Estate planning for unmarried couples Prosper

Estate Preparation for Unwed Pairs in Prosper, Texas

Estate preparation is not only necessary for married couples but is also vital for unwed pairs who want to secure their assets and loved ones. As a single couple, you do not possess the same lawful safeguards as married couples, and thus, it is essential to have an estate strategy in place to ensure that your desires are executed in the event of incapacity or demise. In this write-up, we will discuss some significant deliberations for single couples in Prosper, Texas, when it comes to estate preparation.

Formulate a Testament

A testament is a legal document that specifies how your assets will be allocated after your passing. If you perish without a testament, your assets will be apportioned according to Texas intestate laws, which may not align with your preferences. If you are an unwed couple, it is even more crucial to have a testament in place, as the law does not recognize your relationship in the same manner as a married couple. Without a testament, your partner may not have any entitlement to your assets.

In your testament, you can designate your partner as the recipient of your assets, including bank accounts, real estate, and personal belongings. You can also name your partner as the executor of your estate, which means that they will be liable for carrying out your wishes after your death.

Establish Authority

Authority is a legal document that permits someone to act on your behalf if you become incapacitated or incapable of making decisions for yourself. There are two categories of authority: medical power of attorney and financial power of attorney.

As an unwed couple, it is crucial to establish authority to ensure that your partner can make medical and financial determinations on your behalf if you are unable to do so. Without authority, your partner may not possess the lawful authorization to make these decisions, which can lead to entanglements and disputes.

Consider a Living Fund

A living fund is a legal document that allows you to transfer ownership of your assets to a trust during your lifetime. The trust will then retain the assets for the benefit of your beneficiaries, including your partner. A living fund can be beneficial for unwed couples because it allows you to transfer assets to your partner without undergoing the probate process. Probate is the legal process of distributing assets after someone dies, and it can be time-consuming and costly.

In a living fund, you can designate your partner as the beneficiary of your assets, and you can also appoint a successor trustee who will manage the trust after your death. This can give you reassurance knowing that your assets will be allocated according to your wishes.

Consult with an Estate Planning Counsel

Estate preparation can be intricate, and it is essential to consult with an experienced estate planning counsel to ensure that your desires are executed appropriately. A counselor can help you formulate a testament, establish authority, and set up a living fund if necessary. They can also help you navigate any legal complexities related to your relationship status as an unwed couple.

Janelle Cremé, an estate planning counsel in Prosper, Texas, can help you create a comprehensive estate strategy that meets your unique needs as an unwed couple. Contact her today to schedule a consultation and get started on securing your assets and loved ones.