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Wills & Probate Resources
Can I Make A Will Out To An Unmarried Partner
Estate planning that includes two parties living as a couple but not married is difficult and is becoming more complex every year. This article will provide general information on making a will out to an unmarried partner.
What Is Not Included In A Will?
There are financial aspects of your life that your will will not cover. These include 401(k) policies, life insurance plans, and pension accounts, and they are not included in what a will includes because such financial products have the account holder name their beneficiary on the product itself when the individual opens the account. If you want your partner to have access to such accounts, make sure that you go through the steps to designate them as a beneficiary. Check with the company that holds each account to find out how to do this if you are unsure.
What Is Included In A Will?
A will does, however, have hold over possessions, such as personal items, land and property, or cash, and you can bequeath such items to whomever you wish in your will. Just like any other legal contract you hold with another person, if the two of you are co-signers on any debt or hold any assets mutually, the surviving partner will be held responsible for the entirety of that debt. It is very important to be precise and thorough in explaining what you want left to your partner because family members will be eligible to contest your will. If there are any areas that are not thoroughly considered in the document, your partner might be left without property or belongings you wanted them to have.
Your will is an important legal document. Make sure you thoroughly plan ahead for what your final wishes are. If you do not feel comfortable drafting the document yourself, meet with an experienced estate planning lawyer who can help you make sure all of your possessions are properly distributed and that there is little chance for someone else to successfully contest the will in court. Make sure that financial vehicles, such as retirement plans and life insurance policies, have the named beneficiaries you want them to have, and leave detailed instructions as to everything else in your possession in your will.