It is increasingly more common for couples over 50 who have been divorced or widowed not to marry again. Many couples choose to live together and keep their financial assets separate.
Unlike the way most married couples title their jointly held property, the personal property and real estate belonging to unmarried couples is more likely to be titled only in the name of one partner.? When the first partner of an unmarried couple dies, there is frequently little to no protection afforded the surviving partner, regardless of how long the couple may have been together.
Spouses are generally protected by law so they usually inherit part, and frequently all, of the estate belonging to the first spouse to die, even if there is no will. ?Conversely, unmarried couples need to be specifically mentioned in a Will or Trust to be fully protected. A Trust can benefit a surviving partner by automatically transferring property upon the death or disability of the other partner.
An experienced Annapolis estate planning attorney can help you understand all your options for estate planning.? Experienced Estate Planning Attorney Seth B. Zirkle can discuss all your options and create a plan with you.? Call Mr. Zirkle at Hyatt & Weber, P.A. today at 410-505-4553.
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