Learn how you can incorporate your significant other into your estate plan.
Valentine’s Day is all about celebrating love and commitment, and while flowers and chocolates are great, true love also means planning for the future. If you share your life with a spouse or long-term partner, incorporating them into your estate plan ensures they are protected no matter what happens. Whether you’re married or in a long-term relationship, estate planning can help you provide for your significant other and honor your shared life together. If you haven’t yet discussed estate planning with your significant other, scheduling a meeting with your attorney at The Millman Law Group is the first step in planning for the future.
Why Estate Planning Matters for Couples
Estate planning isn’t just for married couples—it’s crucial for anyone who wants to secure their loved one’s future. Without proper planning, your significant other may face legal complications when accessing your assets, making medical decisions on your behalf, or inheriting property. Incorporating your partner into your estate plan can help you avoid these issues and ensure they are legally protected.
Key Ways to Include Your Significant Other in Your Estate Plan
Update or Create Your Will
Your will is the foundation of your estate plan. If you want to leave the property, financial assets, or personal items to your significant other, be sure to name them as a beneficiary in your will. Without a will, assets may pass according to state intestacy laws, which typically favor blood relatives over unmarried partners.
Establish a Trust for Long-Term Protection
A revocable living trust allows you to manage your assets during your lifetime and pass them to your significant other without probate after your passing. If you and your partner aren’t married, a trust is one of the best ways to ensure they receive what you intend for them. A trust also offers privacy, as opposed to a will, which becomes part of the public record after probate.
Name Your Partner in Your Power of Attorney and Healthcare Directives
If you become incapacitated, your partner should have the legal authority to make financial and medical decisions on your behalf. You can designate them as your financial power of attorney to manage your assets and bills and as your healthcare proxy to make medical choices. Without these documents, they may have no legal standing to help you in an emergency.
Designate Them as a Beneficiary on Financial Accounts and Insurance Policies
Many financial assets, such as life insurance policies, retirement accounts (401(k), IRA), and bank accounts, allow you to name a direct beneficiary. Make sure your significant other is listed as a primary or contingent beneficiary so they can receive these funds directly upon your passing, avoiding probate delays.
Consider Shared Homeownership
If you and your partner share a home, you’ll want to ensure they can continue living there if something happens to you. Options include adding them as co-owner on the deed with joint tenancy with the right of survivorship or including the home in a trust that specifies their right to live there.
This Valentine’s Day, consider giving the ultimate gift—the peace of mind that comes with a well-prepared estate plan. Contact The Millman Law Group to start the conversation and ensure your loved one is cared for, no matter what the future holds.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs Trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.