Why You and Your Partner Need to Discuss Estate Planning This Year

If you live with, or have, a romantic partner in Florida, 2016 needs to be the time when the two of you sit down and discuss estate planning with one another. Romantic couples who are not married face a distinct and different estate planning picture than their married counterparts. Regardless if you have been together a short time or a long time, estate planning issues should be something both of you think about and discuss with each other as soon as possible. To help give you an idea of why having an estate planning discussion this year is important, there are several issues you might want to think about.

Why You and Your Partner Need to Discuss Estate Planning This Year. You have children.

If either you or your partner has a child, or you have a child together, talking about what you want to happen with regards to your child in the event one or both of you become incapacitated or die is essential. Your child may rely on one or both of you for financial support or parenting. Should one or both of you become incapacitated or die, this will necessarily change how your child is protected and the environment in which he or she lives. Even if your partner plays little role in your child’s life, the loss of your partner will affect you, and in turn affect your child.

Talking to your partner about what you want to happen in the event something should happen to either of you is absolutely essential. Questions about guardianships, financial protections, and other child related topics can be some of the most important issues facing you when you create an estate plan.

Why You and Your Partner Need to Discuss Estate Planning This Year. You have medical or financial wishes.

Should either you or your partner become incapacitated or die, do either of you know who would become responsible for making it personal or financial decisions of that person? If you are not married, neither you nor your partner may have the ability to make decisions on behalf of an incapacitated partner regardless of how long you have been together. If you want your partner to make decisions for you, there are specific steps you will need to take.

Why You and Your Partner Need to Discuss Estate Planning This Year. You want to leave your partner an inheritance.

If you, or your partner, want to leave one another an inheritance after death, the law currently makes no provisions for this to happen automatically as it would if you were married. However, you can give your partner inheritance rights if you choose to make an estate plan that includes your inheritance choices. Though neither of you are obligated to take this step, it is an option you can choose to take on your own.