Lawyer in Raleigh NC: Cohabiting Couples Should have an Estate Plan.
According to The National Survey of Family Growth, “Significantly more couples are having children and delaying or avoiding marriage. Approximately 5% of women who become pregnant marry the baby’s father, while about 18% of women who become pregnant elect to avoid marriage and instead move-in with the baby’s father.”
Unmarried couples sharing a home together face several challenges when it comes to healthcare and estate planning matters; even more so, with the children they share. A large majority of unmarried couples never think about hiring estate lawyers in Raleigh NC upon going into a cohabiting situation. Below, you’ll find, according to North Carolina law, a few of the challenges they will face when a proper estate plan isn’t put into place:
Providing for a Partner upon Death. Unmarried couples sharing a home together do not have inheritance rights. In most cases, neither do their children. Without an estate plan to direct otherwise, the home may end up in the possession of the deceased’s living family, not their children or significant other.
It’s important to meet with an estate planning lawyer to create a proper estate plan that provides for the future of your children and your significant other. Also be sure to keep the estate plan updated regularly. This includes updating beneficiaries, retirement benefits and bank accounts.
Keeping an estate plan updated while you’re in an unmarried relationship with children will ensure that your partner and children will receive the assets you wish them to acquire upon the event of your death.
No one plans for an untimely death but these things could happen. It’s important to protect your assets, children, and loved ones, in case that happens. Contact our estate lawyers in Raleigh NC for help creating your estate plan.
Also be sure to visit back with our lawyer in Raleigh NC on our next post. We will discuss healthcare and finance among cohabiting couples and how to protect yourself in the event that you may become incapacitated and need your partner to make serious decisions on your behalf.
