Estate planning isn’t just about passing on wealth; it’s about securing your future and protecting your loved ones. For unmarried couples in Texas, estate planning can be particularly challenging. Unlike married couples, you don’t have the automatic protections of spousal rights when it comes to inheritance or healthcare decisions. That’s why it’s essential for unmarried couples to take steps to ensure their wishes are honored and their partners are provided for in the event of incapacity or death. In this guide, we’ll explore the key things to consider and steps that are involved in estate planning for unmarried couples.
- Wills: Creating a will is vital for unmarried couples to ensure that your assets are distributed according to your wishes. In Texas, without a will, state laws determine how your property is divided, which may not align with your intentions. By drafting a will, you can designate your partner as a beneficiary and specify how you want your assets to be distributed.
- Powers of Attorney: Designating powers of attorney allows your partner to make important decisions on your behalf if you become incapacitated. A durable power of attorney for finances enables your partner to manage your financial affairs, while a medical power of attorney grants them the authority to make healthcare decisions for you. Without these documents, your partner may not have the legal right to act on your behalf.
- Healthcare Directives: Consider creating a living will or advance directive to outline your preferences for medical treatment and end-of-life care. This document provides guidance to your partner and healthcare providers, ensuring that your wishes are respected if you’re unable to communicate.
- Beneficiary Designations: Review and update beneficiary designations on your life insurance policies, retirement accounts, and other assets. By naming your partner as a beneficiary, you can ensure that they receive these assets directly, bypassing the probate process and any potential challenges from other family members.
- Joint Ownership: Jointly owning property, bank accounts, and other assets with your partner can simplify the transfer of ownership in the event of your death. In Texas, joint tenancy with rights of survivorship allows property to pass directly to the surviving partner without going through probate.
- Trusts: Depending on your situation and goals, establishing a trust may provide additional benefits. Trusts can help you avoid probate, minimize estate taxes, and provide ongoing support for your partner or other beneficiaries according to your wishes.
In Texas, unmarried couples must carefully plan their estates to protect each other and their assets. Working with an experienced estate planning attorney who understands the unique challenges of unmarried couples can make the process smoother.
Contact the Reecer Law Firm
Dena Reecer, founder and owner of the Reecer Law Firm PLLC, is Board Certified in Estate Planning and Probate Law by the Texas Board of Legal Specialization. If you have questions or concerns regarding estate planning, please call us at (940) 382-3168or contact us for more information about how we can help you. Our office is located at 3105 Unicorn Lake Blvd., Denton, TX 76210.