The Estate Planning Challenges Facing Unmarried Couples in Virginia
Estate planning is essential for everyone; however, there are some legal issues related to estate planning for unmarried individuals which married couples don’t have to deal with. Many believe that being in a relationship for long periods gives some rights in terms of inheritance, health care decisions, and financial issues. But this isn’t true.
For instance, in Virginia, an unmarried individual does not have the same rights as a spouse does.
Inheritance is not automatic
One of the biggest mistakes made by unmarried partners is believing that the surviving partner will always receive their assets in the case of their partner’s death.
When there is no will in accordance with the laws of intestacy of Virginia, any property owned exclusively by the deceased person will be transferred to family members like children or siblings. The unmarried partner is not considered in this list.
Therefore, even a partner who lived with his or her loved one all their lives may be left without anything at all if there was no estate planning.
Making a will can help you avoid this problem easily.
Health care decisions can become complicated
There is no doubt that a medical emergency can cause many difficulties for an unmarried couple.
If one of the partners is unable to make their medical decisions and cannot be a decision-maker, the family members, not the significant other, will be called for help.
The healthcare power of attorney will enable you to choose your significant other to be the person who will make medical decisions in your absence. The advance directive can contain some instructions about your preferences for medical care.
Otherwise, your partner will have no right to do anything for you.
Financial management during incapacity
There are similar problems that can occur when making financial decisions. If you are no longer able to take care of yourself, your spouse may lack the legal ability to deal with your bank account, pay your bills, handle your investments, and other important financial transactions unless you have established a durable power of attorney.
A durable power of attorney will allow you to select someone to represent you in these situations.
Protecting shared property
Unmarried couples often buy houses and other properties in partnership. It is necessary to consider such ownership in detail.
There are different ways ownership of property can affect matters when one of the owners dies. In some cases, it is possible to transfer the property right away to another person, while in others, the probate process will be required.
Legal advice from an estate planning attorney will be helpful for you.
Talk to a Virginia Beach, VA, Trusts and Estates Lawyer Today
The Law Office of Angela N. Manz represents the interests of Virginia Beach residents who need to establish or update their estate plan. Call our Virginia Beach estate planning lawyers today to schedule an appointment, and we can begin preparing your plan right away.