Estate Planning For Late In Life Partners With Children And No Intention Of Marrying

Providing for children in unmarried partnerships – particularly those late in life partners with no intention of marrying – is very important.

Also, making sure neither unmarried partner in a pair of late in life partners is left out if one should pass away, makes the establishing of legal documents such as those found in an estate plan essential in these types of partnerships.

In Georgia, the law gives married people certain protections with or without an estate plan, however you don’t want to leave the care of children to the state.

Designate A Legal Guardian

It’s critical to name a legal guardian if you or your partner are not the child’s legal parent. If a legal parent survives, that parent receives full custody, regardless of your wishes. If no legal parent survives, the court looks to your will or estate plan to appoint a guardian.

If your partner is not a legal parent, you can name them as guardian in your estate plan. You should also name a backup guardian in case your first choice cannot serve. Without a legal designation, a judge will decide who raises your child.

Married couples benefit from some legal protections, but they still need an estate plan. Unmarried couples lack these protections, which makes planning essential. A clear plan helps protect your partner and children. It also allows you to name who will make decisions about health and property.

Revocable Living Trust

Many people want to avoid probate. One effective option is a revocable living trust. Whether married or not, this tool can help keep your estate out of court.

A revocable living trust works by placing your assets into the trust. The trust becomes the legal owner of those assets. When you pass away, the assets transfer privately under the trust. This process avoids probate and keeps matters out of the public record.

Trusts are complex and must be set up correctly. You should not try to create one on your own. An experienced attorney can ensure your trust meets legal requirements and avoids challenges.

A trustee must also manage the trust over time. Trusts work especially well if you own property in multiple states. They also help if you want to keep asset transfers as private as possible.

Joint Tenancy With The Right of Survivorship

Another way to protect your partner is to own major assets together. This includes items like a home. You can use joint tenancy with right of survivorship.

With this setup, ownership transfers automatically when one partner dies. The surviving partner receives full ownership of the property. This process avoids probate.

To set this up, you must list both names on the official title. For a home, this means adding both partners to the deed.

Estate Planning Is Complicated Especially For Unmarried Partners With Children

Because estate planning can be complicated in general, if you and your partner are not married and there are minor children, it is important to make sure your estate plan is done right and to review it every couple of years. You’ll want to assign a Durable Power of Attorney for health care as well as finances. We work with unmarried couples to protect each partner and their children. If you are in an unmarried partnership and would like to discuss the formation of an estate plan, give our office a call at 404-370-0696.

   

Looking to find an experienced estate lawyer in the Georgia area who is skilled in asset protection and estate plan preparation? Shannon Pawley is an attorney in Georgia with expertise in estate planning and asset protection. Shannon can provide assistance with creating an estate plan to include making a will and how to establish a trust properly. If you have questions about asset protection or questions about making an estate plan, reach out to Shannon and she will be glad to help answer all the estate planning questions you might have!