Estate Planning for Unmarried Couples

When it comes to estate planning, unmarried couples face unique challenges. Unlike married couples, unmarried couples do not have the same legal rights and protections. Therefore, unmarried couples in Texas must plan ahead to ensure that their wishes are respected and their assets are protected.

In this blog, we will discuss the basics of Texas estate planning for unmarried couples, including the key documents and considerations that should be considered.

Enlist the help of a Houston estate planning attorney at The Titus Law Firm to help you navigate the complex laws related to planning for your family’s future.

What Is Estate Planning?

Estate planning is the process of preparing for the transfer of a person’s assets after they die. It involves creating legal documents that outline how a person’s assets should be distributed and managed and who will be responsible for carrying out their wishes.

Why Is Estate Planning Important for Unmarried Couples?

In Texas, if a person dies without a will, their assets will be distributed according to state law, which may not reflect their wishes or provide for their partner. Additionally, unmarried couples do not have automatic rights to inherit from each other or make medical decisions on each other’s behalf.

Key Documents for Estate Planning

Unmarried couples in Texas should consider several must-have estate planning documents in Texas.

1. Will

A will is a legal document outlining how a person’s assets should be distributed after death. It allows unmarried couples to designate beneficiaries and ensure their assets go to their chosen people.

2. Durable Power of Attorney

A durable power of attorney allows a person to designate someone to make financial decisions on their behalf if they become incapacitated or unable to manage their own affairs. This can be particularly important for unmarried couples who do not have automatic rights to make financial decisions for each other.

3. Medical Power of Attorney

A medical power of attorney allows a person to designate someone to make medical decisions on their behalf if they become incapacitated or unable to make their own medical decisions. This can be important for unmarried couples who do not have automatic rights to make medical decisions for each other.

4. HIPAA Authorization

A HIPAA authorization allows a person to designate someone to have access to their medical records. This can be important for unmarried couples who want to ensure their partner can access their medical information.

5. Living Will

A living will is a legal document that outlines a person’s wishes for end-of-life care. It allows unmarried couples to make their wishes known and ensure their partner knows them.

Considerations for Unmarried Couples

When creating an estate plan, unmarried couples should consider the following:

• Joint ownership — Unmarried couples may want to consider joint ownership of assets, such as property or bank accounts. This can make it easier to transfer property and ensure it goes to the partner in the event of one person’s death.
• Beneficiary designations — Unmarried couples should ensure they have designated beneficiaries for retirement accounts, life insurance policies, and other assets. This can ensure that their partner receives the assets in the event of their death.
• Guardianship — Unmarried couples with children should consider who would be the best guardian for their children in the event of their death. This can be designated in a will or other legal document.
• Trusts — Unmarried couples may want to consider creating a trust to protect their assets and ensure they are distributed according to their wishes.

Enlist the Help of a Houston Estate Planning Lawyer

Estate planning is crucial for unmarried couples in Texas to ensure their wishes are respected and their assets are protected. By creating key legal documents and considering their unique circumstances, unmarried couples can ensure their wishes are followed and their assets go to their chosen beneficiaries.

It’s essential to consult with an experienced estate planning attorney to ensure that all legal requirements are met and the documents are executed correctly. It’s also important to review and update the estate plan regularly, especially when significant life changes occur, such as the birth of a child, purchase of property, or change in relationship status.

Contact us at The Titus Law Firm, and we’ll ensure your wishes are fulfilled as an unmarried couple in Texas.