There are a number of documents that everyone should have to protect themselves and their families in the event of an unexpected illness, accident or death. Our office offers a free, no obligation consult with one of our attorneys to discuss your particular circumstances and needs, and to make sure you are protected. Some of the services that may be appropriate for your situation are discussed below. We also invite you to search our articles for other topics of interest. If you would like to schedule an appointment, please call our office or send us an email.
Wills
While a living together contract covers what happens to assets should the relationship end, it does not take the place of an estate plan. A living together contract does not address what happens if one partner dies. If one partner dies without a will, the remaining partner will not inherit the deceased partner’s assets. The deceased partner’s family will inherit the assets through a process called intestate succession. It is important for everyone, whether in a relationship or not, to create a will and specifically state who should inhereit what in the event of death.
Powers of Attorney
Two other important components of an estate plan are a Healthcare Power of Attorney and a Financial Power of Attorney. A Health Care Power of attorney is a document that specifies who should make decisions about your medical care should you be unable to do so yourself. If you become incapacitated without a Health Care Power of Attorney, your partner will be unable to make medical decisions on your behalf without first going through a guardianship proceeding in which the court decides who will be your guardian; or in other words, who can make health care decisions on your behalf. A guardianship proceeding takes time and money, can be emotionally taxing and can easily be avoided by making sure you have a Health Care Power of Attorney in place.
A Financial Power of Attorney is similar to a Health Care Power of Attorney except that it deals with your finances rather than your health care. In the event you become incapacitated the person you designate in your Financial Power of Attorney will be able to make sure your bills are paid and your finances are generally looked after. Without a Financial Power of Attorney, your partner will have no control over many of your financial assets without first going through a conservatorship proceeding in which the court decides who will be your conservator; in other words, who will handle your finances on your behalf while you are unable to do so.
By planning ahead, you can design an estate plan so that your partner can make decisions on your behalf should you become incapacitated and so that your partner receives the assets you have acquired together and shared for years upon your death.