Unmarried couples in Delaware face unique challenges when planning for the future. Without a legal marriage, partners do not automatically receive the same rights and protections as married couples.
An estate plan can help secure a partner’s financial and personal interests. Careful planning can also prevent legal complications and ensure a partner’s wishes are followed.
Wills and beneficiary designations
Unmarried couples should create wills to clearly outline where assets will go. Without a will, Delaware’s intestacy laws determine asset distribution, and a surviving partner may not inherit anything. A will allows a person to name their partner as a beneficiary and ensure that property, personal belongings and other assets go to the intended person.
Updating beneficiary designations on life insurance policies, retirement accounts and bank accounts is also important. These designations override instructions in a will, so naming a partner ensures they receive those assets directly.
Powers of attorney and health care directives
A durable power of attorney allows one partner to make financial decisions on behalf of the other if they become incapacitated. Without this document, a partner may not have legal authority to manage finances or access accounts. This can create challenges during emergencies.
A health care directive, also known as an advance directive, allows a person to specify medical treatment preferences. It also enables a partner to make health care decisions if the other becomes unable to do so. Without a valid health care directive, a partner may not have a legal right to participate in medical decisions.
Joint ownership and property agreements
Unmarried couples who own property together should consider holding it as joint tenants with rights of survivorship. This arrangement ensures that when one partner dies, the surviving partner automatically inherits the property. Without this designation, ownership may become complicated and require legal action.
Property agreements can also clarify how to divide shared assets if the relationship ends. This document outlines ownership rights and financial responsibilities, helping to avoid future disputes.
A well-prepared estate plan can provide unmarried couples with security and peace of mind for the future. Taking the time to create clear legal documents helps protect each partner’s rights and ensures the honoring of their wishes.
