It is a common misconception that estate plans are exclusively designated for older, married couples. As a matter of fact, it is strongly recommended for every individual to set up a plan, regardless of them being single, married, divorced, etc. Read on to discover why you need an estate plan if you are part of an unmarried couple and how a seasoned Broward County estate lawyer at The Probate Lawyers can help you better understand this.
Why do I need an estate plan if I am single?
You may not have a surviving partner to worry about when you, sadly, pass on. But you may have to consider your minor children who will most likely survive you. This draws the need to establish your own, valid, and enforceable Last Will and Testament. With this estate planning document, you may appoint a trusted individual to assume the role of legal guardian over your minor children. Legal guardianship means that this trusted individual will make decisions for your minor children that you otherwise would have (i.e., educational, medical, and religious decisions) until they reach a mature enough age.
In addition, your surviving minor children may also benefit from your having established a trust. Here, your assigned trustee may manage the trust’s assets on your children’s behalves. Then, your children may use the funds from the trust to financially take care of themselves when they reach a mature enough age.
Why do I need an estate plan if I am part of an unmarried couple?
You may not be legally married but you and your partner consider yourselves as such. Even so, without a marriage certificate, your partner may not be taken care of by Florida’s intestacy laws. Instead, your children may be appointed to inherit all the assets you left behind. If you do not have surviving children, your surviving parents may inherit everything. If you do not have surviving parents, your surviving siblings may inherit everything. Sadly, your assets may be escheated (i.e., forfeited) into the state’s coffers if you do not have any surviving family members remotely related to you (i.e., grandparents, aunts, uncles, nieces, nephews, cousins, etc). This is rather than having your assets go to, last but not least, your surviving, lifelong partner.
So, to avoid this intestate succession, you need to establish your own, valid, and enforceable estate plan. For starters, a Last Will and Testament may allow you to designate your partner as a beneficiary of your estate. This means that your partner may inherit certain assets they would have otherwise been unable to collect. It is also worth considering naming your partner as the legal guardian over your minor children. Or, as the trustee over your minor children’s trust fund.
At the end of the day, if you require immediate legal representation, look no further than a competent Broward County estate lawyer. Someone at The Probate Lawyers will happily work with you.
