Estate Planning for People Living Together, Bachelors, and Bachelorettes

Not Married? You’re not alone – but you still need a plan.  Approximately half of America’s population over the age of 16 is unmarried. While much of the discussion involving estate planning focuses on married couples, this topic is just as important for a single person. In fact, many times it is even more important that a single person have a well-coordinated estate plan. This is because the default laws governing estates often work poorly for people without a spouse and may not adequately provide for a significant other or unmarried partner. Having a cohesive and well-drafted estate plan will ensure that you protect and provide for those you truly care about upon your death.

Evolving Estate Planning

It is important to understand that your estate plan can change over time. You may eventually experience life changes like getting married, having children, or buying your first home that will necessitate changes to your estate plan. Although life is constantly changing, it is best to get in the driver’s seat early when it comes to estate planning.

If you die without a will — referred to as intestate — all of your possessions will be distributed according to the default laws of your state. While most state laws have a married person’s assets go to their surviving spouse and children, the same is not true for unmarried individuals. Generally, state law provides that a single person’s assets are passed on to their next of kin. This includes children, parents, and siblings. Noticeably absent for many unmarried people are provisions providing for a long-term boyfriend or girlfriend. And, if there are no surviving close relatives, the assets will likely go to the state. To avoid the state dictating what happens to your assets, it is vital that you have a properly drafted estate plan put together.

As an Unmarried Person, How You Own Things Is Very Important

There is an increasing number of couples that are not getting married, and other individuals who are deciding to remain single. For this group, estate planning is important because taxes and other financial benefits tend to favor those who have tied the knot. It also brings up the need to be very careful about how assets are titled.

How your assets are titled and how the beneficiary designations are prepared will impact how your assets will be distributed upon your passing. The most common ways to hold title to property is tenants in common (TIC) and joint tenants with rights of survivorship (JTWROS). Property that is held as TIC means that each owner owns an interest in the property.  At the death of one owner, that interest is transferred according to his or her estate plan, or intestate succession if there is no estate planning. This is not an ideal way for unmarried couples to own property because at the death of one of them, the other person will end up as joint owner with the deceased’s next of kin.  JTWROS is one option for unmarried couples because when one owner dies, the property automatically transfers to the surviving owner. There are several other planning strategies that can be beneficial for unmarried individuals — involving tax benefits, retirement plans, wills and trusts, and healthcare powers of attorney — if the right estate plan is carefully crafted.

Speak to an Estate Planning Attorney

If you do not have an estate plan yet, you should contact a knowledgeable estate planning attorney today. Whether you are married, single, or cohabiting with a partner, these professionals can help you craft a comprehensive financial plan that is tailored to your personal situation and assists you in protecting those you care for the most. Give us a call today so we can help.

5 Comments on “Estate Planning for People Living Together, Bachelors, and Bachelorettes”

  1. I can’t stand football ouverture credit agricole arzon A former editor at the video game news site GameSpot, Davis co-founded Giant Bomb in 2008. Three years later, Time magazine named it one of the top 50 websites of the year, describing it as a sort of Wikipedia for gaming news, reviews and commentary – “a mashup of a traditional game-info destination.”
    kwony cash sodmg That summer, Republicans were looking for ways to keep the ball rolling and the prospect of using a government shutdown as a cudgel in this struggle between the legislative and executive branches was already on the table. If the government shuts down, Gingrich told Time magazine, President Clinton “can run the parts of the government that are left, or he can run no government. Which of the two of us do you think worries more about the government not showing up?”
    net credit sprawdza bik Government-controlled Libyan Post, Telecommunication andInformation Technology Co (LPTIC) owns the country’s two mobileoperators Al Madar and Libyana as well as Libya’s main Internetprovider, with the telecoms sector cut off from foreigncompetition during Muammar Gaddafi’s 42-year rule.
    quantos digitos tem a senha do cartao de credito itau Known as the Intelligent Speed Adaptation (ISA) program, the whole point behind it is to help save lives, and this will hopefully happen by limiting the speed of cars according to the speed limit on the road. To achieve this, one would need to make sure that cameras in the car will be able to read the speed limit signs, determining the maximum speed for the road afterwards. The other idea would involve satellites beaming down relevant information straight into the vehicle. Of course, older vehicles would need to be retro-fitted with such technology if the idea was to take off. Do you think that speed kills, or is it the irresponsibility of drivers instead? Some might even call it an invasion of privacy.
    mudra loan calculator pnb “The current tools of competition law are totally unsuited to the fast-changing world of the Internet,” Pellerin said in the interview conducted in French. “To get out of this impasse, Europe needs a regulatory authority to act on an ex-ante basis, as soon as conflicts and abuse emerge on the part of internet platforms.”

  2. I can’t hear you very well imvu credits hack free no survey The White House doesn't usually respond formally to trials unless they involve the president or federal government, but it issued a rare statement Sunday. President Barack Obama called Martin's death a tragedy: “Not just for his family, or for any one community, but for America.” He asked that people respect the call for calm reflection. He called the U.S. “a nation of laws” and said “a jury has spoken.”
    ascend credit union cookeville tennessee Double digits would be a significant jump from recent years, when expansion was between 6.1 and 8.3 percent, according to the IMF. The Fund and Liberia’s central bank have not released forecasts as far ahead as 2018, the year Sirleaf expects growth to hit her target.
    pay ocbc credit card bill from uob A Reuters review of lobbying records found that more than500 companies, business groups, consumer advocates, unions andother organizations weighed in on the Affordable Care Act duringthe second quarter of this year.
    ebay cashback retailmenot “Today’s FOMC statement maintains the Fed’s maximumflexibility on quantitative easing,” said Joseph Trevisani,chief market strategist at WorldWideMarkets, in Woodcliff Lake,New Jersey. “The end of the program was never going to be a cutand dried announcement in the official policy statement but inthe various pronouncements of Chairman Bernanke.”
    cancelar venda credito maquina cielo “There's no clear trend yet in terms of what issues interest the court, but what is clear is the court is not being shy about loading its docket with high-profile cases with potentially substantial ramifications.”

  3. Where are you calling from? wells fargo mortgagee clause for insurance The announcement follows months of criticism of the test, including a ruling by High Court judges that it “substantially disadvantages” people with mental illnesses, autism and learning difficulties.
    icici home loan ghole road pune Analysts said the sharp fall makes it more likely that the Fed will scale back its $85 billion-a-month purchases of government bonds in September. The purchases have helped lower interest rates to spur borrowing and economic growth after the global financial crisis of 2008 sparked a recession.
    advanzia bank karten login She made her debut there in that role alongside Jon Vickers as Don José and Joan Sutherland (Micaela) under Rafael Kubelík in 1957, and was quickly described by the critics as “the real thing”. Her interpretation of Bizet’s heroine was passionate and down to earth. “She looks the part to the life, the lustrous, lustful gipsy girl, primitive in her responses but by no means unintelligent in her approach to the opposite sex,” wrote one London critic when she reprised the role, again with Sutherland, under John Matheson in 1958.
    credit suisse pune office hinjewadi “It looks like Megafon is the best performer (in the secondquarter) followed by MTS and Vimpelcom,” said Sergey Vasin,analyst at Gazprombank. “MTS (has been) the leader (in Russia)for a long time and didn’t realise how dangerous Megafon was. Ithink MTS has every chance and every tool to keep leadership inhand. But Megafon can get closer that’s for sure.”
    subsidized stafford loan income limits Still, ESPN is stuck, er, presenting Tom Coughlin’s crew playing the Vikings on “Monday Night Football.” Sunday, ESPN wasn’t exactly providing the game with its ususal “MNF” hype. Still, we wondered how the faculty at Bristol Clown Community College would promote the game.

  4. I live here boc cash deposit machine kadawatha “These guys are like gangsters from the Paleolithic era,” said T.J. English, best-selling true crime author who wrote “Paddy Whacked.” English has attended the trial daily and is writing a book about the Bulger trial.
    prime lending rate investopedia “When you go to an eating disorder treatment center, they don’t often ask questions about alcoholism. And when you go for alcoholism treatment, they don’t generally ask questions about eating disorder symptoms,” Munn-Chernoff said. “If centers could be aware of that and perhaps treat both problems at the same time, that would be a big help.”
    luci index credit suisse The cameras are always rolling in Hollywood! When the stars aren’t on the red carpet, you’ll more than likely find them on set filming their next great blockbuster. Check out these famous actors and a…
    closest redstone federal credit union to me “John Larsen is an individual who has held positions of trust and responsibility within the local community and it is disappointing that he chose to abuse the trust that many local people had placed in him.
    petty cash procedure in tally erp 9 Perhaps this will be the answer to this most modern of ironies – how to use mobile phones to protect your child, without putting them in danger. As the 1,420 conflicted parents who took part in this study can testify, the debates goes on.

  5. Is there ? credit agricole assurance predica retraite “It was very important,” Stephen Hill said of Kerley’s return. “Even the third-down one where he ran that slant, that was a big third down. I don’t know how the game would have went if we didn’t get that third down.”
    code credit lycamobile espagne “The audit team is at present confirming its calculations but the current estimate is that the sums involved are significant, and run into the low tens of millions in total, for both companies, since the contracts commenced in 2005,” Grayling said.
    gem mortgage palmdale ca The combined company will have the financial resources, scale and spectrum to better compete with other major national providers for customers interested in low-cost prepaid service, the companies said.
    sassa loan sms number Lots of coverage this morning of the price rise by British Gas, which was announced yesterday morning. The government encouraged people to shop around to find a better deal. I wonder how many of the energy companies will have to raise their prices before this stops being the government's response.
    soho credit windykacja HONG KONG, Oct 16 (Reuters) – China shares underperformedothers in Asia, pushing down Hong Kong markets, and could havetheir heaviest loss in three weeks on Wednesday as investorstook profit on outperforming sectors.

Leave a Reply

Your email address will not be published. Required fields are marked *