The Legal Challenges Unmarried Couples Face
Unmarried couples often encounter unique legal challenges when it comes to estate planning, especially in Wheaton, Naperville, and DuPage County. Without the protective legal framework that marriage offers, it can be emotionally and financially complex to ensure that a partner is protected in the event of illness or death. Proper planning with Sethna & Cook, P.C.
is essential to ensure that your partner receives what they deserve and is shielded from legal obstacles.
Why Updating Beneficiary Designations is Crucial
A common oversight in estate planning for unmarried couples is failing to update beneficiary designations on accounts like retirement funds and life insurance policies. These designations override anything in your will. It’s vital to review and update these documents with your Wheaton estate planning attorney
to ensure that they reflect your current wishes and properly cover your partner as a beneficiary.
How a Will Protects Your Partner
Establishing a last will and testament is critical for unmarried couples. Without a will, state laws will direct how your assets are distributed, often excluding your partner. A will allows you to explicitly designate your partner as a beneficiary and appoint an executor to manage your estate according to your wishes. This legal document provides control and peace of mind that your partner will be looked after when you’re gone.
Consider a Trust for Additional Protection
For many unmarried couples, a trust can offer another layer of security in their estate planning. Trusts protect assets from legal challenges, allow for a quicker, more private transfer of assets, and can help avoid the often lengthy probate process. Setting up a trust with the guidance of an estate planning lawyer in DuPage County
ensures that your partner can access their inheritance smoothly without unnecessary delays.
While these steps might seem daunting, they are crucial for establishing security in your relationship. Unmarried couples must take proactive steps like setting up a will, trust, or updating beneficiary designations to safeguard their future and affirm their partner’s entitlement. Engaging a seasoned estate planning attorney like Sethna & Cook can make this process easier, ensuring all legal documents are properly prepared to protect both you and your partner.