If unmarried couples fail to properly plan, the result can be devastating to either partner or their family. Having no estate plan, or relying upon a Will, Joint Tenancy, or Tenancy in Common as an estate plan, is tantamount to giving up control of one's estate and management of one's well-being in times of incapacitation.
This need for an estate plan is critical in case of an accident or illness that renders one partner incapable of making decisions or managing his or her affairs. Without a proper estate plan, the other partner could be legally precluded from having any role in the decision-making of their loved one’s care, managing his or her affairs, or even having access to the incapacitated partner.
Our law firm strongly believes that a wisely drafted, carefully executed estate plan is the critical component of an individual or an unmarried couple's wealth management. Our firm's guiding principle is to provide families, married or not, with quality estate planning services tailored to each client's specific needs and goals. We offer free, no obligation consultations for any family who has experienced the loss of a loved one.
Second Marriage Planning
As we have seen the rate of divorce reach almost sixty per cent (60%) in our society, more and more individuals have come out of first marriages and may be entering into subsequent marriages. Resulting “Brady Bunch” situations are very common, where each spouse has children from a first marriage. The primary issue that must be appropriately addressed is how to take care of your current spouse, while also ensuring that some of your assets can eventually make it to your children from a prior marriage.
If proactive planning is not accomplished, it is not uncommon to have step-parents and step-children fighting it out upon the death of a spouse. This can be a very sad and emotional result that breaks families apart.
With a proper and well-thought out estate plan, your goals of leaving assets both to your current spouse and children from a prior marriage can be accomplished. A very common technique that our firm uses to assist in the follow-through of such planning is to have “family meetings,” where the parents present their overall planning to their respective children. Such a meeting will give the children an understanding as to what both spouses want to accomplish and how the planning will eventually be implemented when one spouse becomes disabled or passes away.