Are you in a committed relationship but not married? It’s important to know that in Florida, there’s no common law marriage. Even if you’ve been together for years, without an estate plan, you and your partner won’t have the same legal rights as married couples. But don’t worry, there are steps you can take to ensure your partner is protected in case anything happens to you.
Leaving a Legacy for Your Partner:
One crucial step in estate planning for unmarried couples is creating a Will or Trust. These documents allow you to specify who inherits your assets after you pass away. Without them, your partner may not be entitled to anything, and your assets could end up in the hands of distant relatives. By drafting a Will or Trust, you can ensure that your partner receives the inheritance you want them to have.
Understanding Tax Implications:
It’s essential to consider the tax consequences of transferring property to your partner while you’re alive. In Florida, transferring assets between unmarried partners may trigger gift tax or capital gains tax issues. Consulting with a knowledgeable estate planning attorney can help you understand these implications and explore strategies to minimize taxes when transferring property to your partner.
Giving Your Partner a Voice:
In addition to planning for the distribution of your assets, it’s essential to consider what would happen if you became incapacitated. Two vital documents for this scenario are the Designation of Health Care Surrogate (DHCS) and the Power of Attorney. With a DHCS, you can designate your partner to make medical decisions on your behalf if you’re unable to do so. Similarly, a Power of Attorney allows your partner to handle your financial matters if you’re incapacitated. These documents give you peace of mind knowing that your partner will be able to act in your best interests if the need arises.
Flexibility and Control:
One of the great things about estate planning is that it’s flexible and customizable to your needs. If your circumstances change, you can update your estate plan accordingly. Whether you want to add or remove your partner from certain documents, you have the power to make those decisions.
Take Charge of Your Future:
Don’t wait until it’s too late to start planning for your future together. With the right estate planning documents in place, you can ensure that your partner is taken care of, no matter what the future holds. If you’re ready to take the next step, click here to schedule a virtual consult today. Let’s work together to create a comprehensive estate plan that protects you and your partner every step of the way.
Remember, this article is for informational purposes only and should not be considered legal advice. Be sure to consult with an attorney to discuss your specific estate planning needs and determine the best course of action for you and your partner.
